Xoom zooms on 1st trading day

Shares of Xoom soared 59 percent to $25.49 on its first day as a publicly traded company.


It had predicted selling 5.8 million shares for $13 to $15 each in a Securities and Exchange Commission filing 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.

Xoom, an upstart Internet competitor to Western Union, says many of its customers are immigrants to the US who use Xoom’s website to send money back to people in their home countries.

They transferred $3.2 billion last year, up from $1.7 billion in 2011.

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