Borderfree (BRDR) IPO Ramps Higher

March 21, 2014 10:29 AM EDT
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The IPO for Borderfree, Inc. (Nasdaq: BRDR) is open for trading. Shares opened at $21 after pricing its initial public offering of 5,000,000 shares of common stock at a price to the public of $16 per share, the high end of the expected $14-$16 range.

Credit Suisse and RBC Capital Markets, serve as joint book-running managers for the offering. Pacific Crest Securities, Canaccord Genuity, William Blair, and Needham & Company are co-managers for the offering.

Borderfree is a market leader in international cross-border ecommerce, operating a proprietary technology and services platform to enable U.S. retailers to transact with consumers in more than 100 countries and territories worldwide. The market opportunity for international cross-border ecommerce is large, with cross-border consumers expected to spend $24 billion on physical goods from U.S. online retailers in 2014, based on a study conducted by Forrester Research, Inc., or Forrester. However, the market remains significantly under-monetized by U.S. retailers today.

Since the commercial launch of its global ecommerce platform in 2008, the company has experienced significant growth. They processed approximately $137 million, $302 million and $448 million of gross merchandise volume, or GMV, on their platform during 2011, 2012 and 2013, representing period over period growth of 78%, 120% and 48%, respectively. The company experienced similar growth in revenue, generating revenue of $37 million, $81 million and $110 million and Adjusted Revenue, a non-GAAP measure, of $38 million, $81 million and $110 million in the same periods, representing period over period Adjusted Revenue growth of 84%, 114%, and 36%, respectively. Additionally, global ecommerce services revenue grew 94%, 111%, and 52% over the same periods, respectively. The growth in GMV on the platform and revenue was supported by a 102% growth in their customer base from 44 to 91 customers between January 1, 2011 and December 31, 2013. They had net income of $5.7 million, which included a gain from sale of business of $6.7 million, in 2011, net income of $0.2 million in 2012 and a net loss of $0.7 million in 2013.

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