(C) Reuters. A man shows off the Remitly app that he uses to send money to his family in Mexico in this photo taken in San Francisco, California March 30, 2016. REUTERS
(Reuters) – Shares of Remitly Inc opened more than 23% above their initial public offering (IPO) price in their Nasdaq debut on Thursday, giving the remittance processor a market capitalization of roughly $8.5 billion.
The stock opened at $52.9 per share, up from the IPO price of $43 per share.
The Seattle, Washington-based company on Wednesday priced roughly 12.16 million shares of its common stock to raise nearly $523 million. The IPO was priced above the $38 to $42 range Remitly had announced earlier.
About 5.13 million of those shares were sold by the selling stockholders, proceeds from which would not go to the company.
Remitly is a digital, cross-border remittance provider that promises faster, affordable and more transparent money transfers. Its customers are primarily immigrants, it says, and its services are used in more than 135 countries.
Goldman Sachs (NYSE:GS) and J.P. Morgan were the lead underwriters of the offering.
Remittance processor Remitly valued at over $8 billion after strong market debut
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