Xoom, a US-based money transfer service, has raised $101m in its Nasdaq stock exchange flotation and promptly saw a 59% rise in its share price after the initial public offering (IPO).
Xoom listed 6.33 millin shares at $16 each for a market capitalisation of $509m compared to plans to sell 5.75 million shares at between $13 and $15. At the end of the first day of public trading, Xoom’s shares closed at $25.49 each.
Investment banks Barclays and Needham co-led underwriters of the IPO for a company that posted a $4.4m net loss on $58m in revenue for the first nine months of 2012.
Xoom secured $25m in financing from existing investors in 2011, as part of a $58m series F round raised between 2009 and 2011 at $11.45 per share.
Signatories of the filing included executives from Volition Capital (formerly Fidelity Ventures, a corporate venturing division of financial services…
