Xoom Files for IPO
Jan 11th 2013 3:56PM
Xoom Corporation has decided to be one of the first filings for an initial public offering in 2013. The company filed to raise up to $50 million via a common stock sale but no financial terms have been set. Here is its own description:
Xoom is a pioneer and leader in the online consumer-to-consumer international money transfer industry. Our customers use Xoom to send money to family and friends in 30 countries. Since January 1, 2007, our customers have used Xoom to send $5.8 billion, including $1.7 billion in 2011 and $2.3 billion in the nine months ended September 30, 2012.
The underwriters selected for this offering were Barclays and Needham & Company as book-runners. he co-managers in the syndicate are listed as Raymond James and Baird.
The market for money transfers is expected to keep growing. The company said that the World Bank's Migration and Development Briefs project that the worldwide remittance market grew at a 12% CAGR from $234 billion in 2004 to $513 billion in 2011. It is projecting for this market to continue growing, up to $685 billion by 2015. Xoom's role is in origination, funding, disbursement, and transaction processing.
Xoom's revenue in 2011 was up over 52% from 2010 at $50 million. Its growth in the first nine months up to $57.85 million, which was up almost 68% from the same period in 2011.
FULL IPO FILING
Filed under: 24/7 Wall St. Wire, Banking & Finance, International Markets, IPOs