Xoom Corp (XOOM) Sees IPO Price of $13 - $15/Share

February 1, 2013 6:25 AM EST
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Xoom Corporation (Nasdaq: XOOM) filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. Xoom plans to sell 5.75 million shares and sees an offering price of $13 to $15 per share. Xoom plans to list on the Nasdaq Global Market under the ticker, "XOOM."

The offering is being made through Barclays, Needham & Company, Raymond James, and Baird.

Xoom commented, "From 2007 to 2011, our revenue increased from $7.4 million to $50.0 million, representing a 61% CAGR. Our revenue increased from $34.4 million for the nine months ended September 30, 2011 to $57.9 million for the nine months ended September 30, 2012, a 68% increase. We incurred net losses of $4.4 million in 2011 and $3.0 million and $4.4 million for the nine months ended September 30, 2011 and 2012, respectively, as we invested in growing our revenue. We have incurred net losses primarily as a result of long-term investments in our service innovation, solutions and marketing programs to increase brand awareness."

According to the S-1 filing, "Xoom is a pioneer and leader in the online consumer-to-consumer international money transfer industry."

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