Portland startups, open source, and tech news, jobs, and events #pdx
If you’ve been curious about Portland’s Expensify going public, the S-1 is now available for your reading pleasure. The high notes? They plan to raise $243 million by selling about 10 million shares priced between $23-$25 range. And they plan to trade on Nasdaq under the symbol EXFY.
And from my personal perspective, I don’t ever recall reading an S-1 — and I’ve read quite a few — that reference a motivation to “Get shit done.” But this one does.
Lately, there’s been a great deal of breathless media coverage about the recent spate of local initial public offerings. Especially because they’ve come after a lengthy drought for the region, in that regard. But all of these local IPOs have one curious thing in common: none of them were actually Portland companies. Absci is in Vancouver. Dutch Bros is Grants Pass. And ESS is Wilsonville. But now, a Portland tech company promises to truly end the dearth of Portland — and Portland tech — IPOs. Expensify has filed to go public.
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Portland has its fair share of exits. But the vast majority of the time, those liquidity events are through acquisition. What doesn’t happen around these parts that regularly is an Initial Public Offering (IPO). But that may be changing, given that Expensify just filed a draft IPO registration with the SEC.
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