We’ve already noted that international money transfer company Xoom Corp. (NASDAQ: XOOM) priced its initial public offering today above the expected range at $16 a share.
What we were unable to say at the time was how high the stock would fly. Now, we know. Shares are up more than 43%, at $22.89 a few minutes before noon today.
This is the sort of IPO that investors and underwriters love because profits are thick on the ground. But did the company get what it paid its underwriters for? The nearly $7 per share jump means that Xoom left more than $35 million on the table. Sure a big jump following an IPO launches a new company with a lot of good feelings. But wouldn’t it rather have the cash?
Shares have risen even further in the 10 minutes or so it took to write this, now up 43.8% at $22.84.