“Shares of Xoom (XOOM) soared more than 40 percent in their first day as a publicly traded company.
“The online money-transfer company gained $6.41, or 40.1 percent, to $22.41 in midday trading on Friday. It opened at $21.
Xoom raised $101.2 million from selling 6.3 million shares at $16 each. It had predicted selling 5.8 million shares for $13 to $15 each in a Securities and Exchange Commission filing earlier this month. That Xoom sold more stock, for a higher price, suggests healthy demand from investors.
The banks managing the deal may buy nearly 950,000 additional shares to sell if there’s demand, increasing Xoom’s proceeds from the initial public offering.
Xoom, an upstart Internet competitor to Western Union (WU),….”
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