Shares of Flywire at last check rose 38% to $33.20. The stock trades under the ticker symbol FLYW.
The company said late Tuesday that in the IPO it sold 10.4 million shares at $24 to raise $250.6 million. The company valuation is about $2.4 billion.
Underwriters Goldman Sachs, JP Morgan, Citigroup and Bank of America Securities have a 30-day option to buy about 1.6 million more shares.
Last week, the company had estimated it would offer 8.7 million shares at $22 to $24 apiece.
The Boston company, founded in 2011, focuses on payments in the education, health-care and travel sectors.
Flywire counts Singaporean state investor Temasek Holdings and the venture arm of private-equity firm Bain Capital among its investors.
The company has more than 2,250 customers, including more than 1,900 educational institutions and over 80 healthcare systems.
Flywire enabled about $2.9 billion of total payment volume for the quarter ended March 31.
For the 2021 first quarter Flywire swung to a loss of 41 cents a share from a profit of 3 cents a share in the year-earlier quarter. Revenue rose 38% to $45 million.
For all of 2020 the company narrowed its loss to 60 cents a share from $1.25 a share in 2019. Revenue reached $131.8 million, up 39% from $94.9 million in 2019.