US Fintech Flywire to Raise $250 Million in IPO

Boston-based payments firm Flywire Corporation has priced its initial public offering (IPO) at $24 per share, which is at the higher end of the previously proposed price band of $22-$24. It will raise around $250 million at that offer price.

The fintech company is expected to list its shares on Nasdaq on Wednesday under the ticker FLYW. It will sell 10.44 million of common stocks initially and also has been granted a 30-day option to purchase up to an additional 1.54 million common stocks.

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Furthermore, the company is expecting around 99.8 million outstanding states following the public offering or around 101.4 million shares if the underwriters exercise all over-allotments.

Flywire has onboarded A-listed investors like Accel Partners, Bain Capital Ventures, Goldman Sachs, and Spark Capital as pre-IPO backers.

It has brought Goldman Sachs, J.P. Morgan, Citigroup, and BofA as the lead book-runners for the IPO, while Raymond James, RBC Capital Markets, and William Blair are acting as book-running managers.

Guggenheim Securities, Nomura, AmeriVet Securities, Ramirez & Co., Inc., Siebert Williams Shank, and Telsey Advisory Group are acting as co-managers for the offering, according to Tuesday’s announcement.

Disrupting Cross-Border Payments

Formerly known as peerTransfer, Flywire was founded in 2009 by Iker Marcaide, an MIT graduate. The company is aimed to solve the problems of expensive international money transfers, which are expensive through traditional banking channels. It can settle payments in 240 countries and territories and in more than 130 currencies.

The company first floated the idea of going public in March with the filing of a draft registration with the US securities market regulator following the submission of an S-1 form earlier this month.

The fintech is also heavily funded with the backing of big names like Spark Capital, Bain Capital Ventures, and F-Prime.

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