Remitly money transfer processor valued at over $ 8 billion after strong market debut By Reuters

© Reuters. A man shows the Remitly app he uses to send money to his family in Mexico in this photo taken in San Francisco, California on March 30, 2016. REUTERS

(Reuters) – Shares of Remitly Inc opened more than 23% above their initial public offering (IPO) price when they debuted on Nasdaq on Thursday, giving the money transfer processor a market cap of around $ 8.5 billion.

The stock opened at $ 52.9 per share, up from the IPO price of $ 43 per share.

The Seattle, Wash., Based company valued about 12.16 million common shares on Wednesday to raise nearly $ 523 million. The IPO price was above the $ 38- $ 42 range Remitly announced earlier.

About 5.13 million of those shares were sold by selling shareholders, the proceeds of which would not go to the company.

Remitly is a digital, cross-border money transfer provider that promises faster, affordable and more transparent money transfers. His clients are mostly immigrants, he says, and his services are used in more than 135 countries.

Goldman Sachs (NYSE 🙂 and JP Morgan were the main underwriters of the offer.

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