Shares of Remitly Inc opened more than 23per cent above their initial public offering price in their Nasdaq debut on Thursday, giving the remittance processor a market capitalization of roughly US$8.5 billion.The Seattle, Washington-based company on Wednesday priced roughly 12.16 million shares of its common stock to raise nearly US$523 million. The IPO was priced above the US$38 to US$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.