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Flywire Opens 42% Higher at $34 a Share After Nasdaq IPO

Payments firm Flywire makes trading debut on Nasdaq at $34 a share, 42% higher than its issue price.

Payments firm Flywire  (FLYW) - Get Flywire Corporation Report on Wednesday made its stock-market debut on the Nasdaq at $34 a share, 412% higher than its initial public offering price of $24.

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.

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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.