Xoom leaps in 1st day as a publicly traded company

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Associated Press

Posted on February 15, 2013 at 12:02 PM

NEW YORK (AP) — Shares of Xoom soared more than 32 percent in their first day as a publicly traded company.

The online money-transfer company gained $5.25, or 32.8 percent, to $21.25 in Friday morning trading. It opened at $21.

Xoom Corp. raised $101.2 million from selling 6.3 million shares at $16 each. It had predicted selling 5.8 million shares for $13 to $15 each in a Securities and Exchange Commission filing earlier this month. That Xoom sold more stock, for a higher price, suggests healthy demand from investors.

Xoom, an upstart Internet competitor to Western Union Co., sold 5.2 million shares in the IPO, while early investors offered 1.1 million.

Shares of the San Francisco company are trading on the Nasdaq under the "XOOM" symbol.

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