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…

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