Flywire falls on pricing $256 mln stock offering

Flywire

10/08/2023 13:21

** Flywire Corp's  FLYW.O  shares down 6.6% at $31.90 after
payments software firm's follow-on prices
    ** Co late Weds announced 8 mln shares at $32 for $256 mln
gross raise
    ** Offering price represents 6.4% discount to stock's last
sale on Weds
    ** Flywire plans to use net offering proceeds for general
purposes, including working capital, capex, potential
acquisitions and strategic transactions
    ** Co had ~114 mln shares outstanding at end-June
    ** FLYW rose 6.2% on Weds after co late Tues reported Q2 rev
increase of 50% yr/yr to ~$85 mln, topping Refinitiv consensus
est. of $75 mln
    ** It also announced CFO Michael Ellis to leave Flywire in
2024, and would stay on in interim as it conducts search for his
successor
    ** Through Weds close, FLYW gained ~40% YTD
    ** Goldman Sachs acting as lead bookrunner for stock
offering, joined by JP Morgan, Citi, BofA, Raymond James, RBC
and William Blair

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))