Remittance processor Remitly valued at over $8 bln after strong market debut (updated)

Remitly Global

23/09/2021 16:41

(Adds IPO details, background on company)
    Sept 23 (Reuters) - Shares of Remitly Inc  RELY.O  opened
more than 23% above their initial public offering (IPO) price in
their Nasdaq debut on Thursday, giving the remittance processor
a market capitalization of roughly $8.5 billion. 
    The stock opened at $52.9 per share, up from the IPO price
of $43 per share.
    The Seattle, Washington-based company on Wednesday priced
roughly 12.16 million shares of its common stock to raise nearly
$523 million. The IPO was priced above the $38 to $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.
    Goldman Sachs and J.P. Morgan were the lead underwriters of
the offering.

 (Reporting by Niket Nishant and Sohini Podder in Bengaluru;
Editing by Amy Caren Daniel and Shailesh Kuber)
 ((Niket.Nishant@thomsonreuters.com;))