Remitly will be listed on Thursday with a valuation of nearly $7 billion.
On Wednesday night, the Seattle company’s share price was $43, higher than the expected range of $38 to $42, and the financial technology giant was valued at $6.9 billion.
Huili shares will be listed and traded on NASDAQ on Thursday morning. Latest news: the opening price of the stock was $53 / share, up more than 20%. Thursday’s closing price was $48.45 a share.
Follow up: “falling in love with a problem”: after the listing of the remittance company, the CEO of the remittance company reflected on the entrepreneurial process
As part of its initial public offering (IPO), the company will raise more than $300 million in net income, one of the largest IPOs of a technology company in Seattle.
In July, the last valuation of Huili was US $1.5 billion.
Huili is one of many companies listed in September. According to MarketWatch, this year is expected to be the largest year in IPO revenue history.
According to CNBC, about half of the IPO transaction prices this year are lower than the offering price. Toast and freshworks both saw share prices soar in this week’s IPO, despite some macroeconomic concerns, including the situation of China Evergrande.
The Renaissance Capital IPO index has risen about 6 per cent so far this year.
Established in 2011, Huili mobile technology enables people to send and receive cross-border remittances, including immigrants from the United States and the United Kingdom, who support families in the Philippines, India, El Salvador and other countries. The service eliminates forms, codes, and agents that are typically associated with international remittance processes.
In the first half of this year, the company achieved a revenue of $202 million and a net loss of $9.2 million. It generated a revenue of US $257 million and a net loss of US $32.5 million in 2020, doubling its annual revenue and reducing its loss by nearly half.
Remittance companies compete with other cross-border fund transfer companies, including wise (formerly transferwise) and zepz (formerly worldremit). The former was worth $11 billion after its direct listing in July, and the latter raised $292 million in the e-round financing earlier this month.
On Thursday, we will have more reports on the IPO of Huili, so please check out the latest news of geekwire.