Remitly opens 23% above Nasdaq IPO price

Reuters shares of Remitly Inc. opened more than 23% above their initial public offering price in their Nasdaq debut on Thursday giving the remittance processor a market capitalization of roughly $8.5 billion.

The stock opened at $52.9 per share, up from the IPO price of $43 per share.

The Seattle, Washington-based company raised nearly 12.16 million shares of its common stock to price roughly 12.16 million shares. The IPO had been priced above the range of $38 to $42 Remitly previously announced.

About 5.13 million of those shares were sold by the selling stockholders, proceeds from which would not go to the company.

Remitly is a comprehensive and easy-to-use digital currency for digital remittance. Its customers are mainly immigrants, it claims, and its services are used in more than 135 countries.

Goldman Sachs and J.P. Morgan were the leading underwriters of the offering.