Xoom Corp. (XOOM) Files $50M IPO

January 11, 2013 2:34 PM EST
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Xoom Corporation (Nasdaq: XOOM) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering amount is $50 million. 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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