Xoom, a payments company focused on international money transfers, saw its shares jump 59 per cent to $25.49 from its offering price of $16 in its debut on the Nasdaq market.The San Jose Mercury News notes that it’s Silicon Valley’s first tech IPO of the year.
Xoom was cofounded in 2001 by CEO John Kunze and Kevin Hartz, who’s now cofounder of Eventbrite, a ticketing startup.
Hartz was an early investor in PayPal, and the company has other connections to the so-called “PayPal mafia”—a group of early employees and executives who have gone on to start or run other tech startups like Yelp, YouTube, Slide, Yammer, and others.
For example, Keith Rabois, who recently resigned as Square’s COO, joined Xoom’s board of directors in 2003.
Xoom says its fees are lower than those typically charged by banks and money transmitters for overseas transfers.
Xoom, which filed for its IPO last year, has been expected to kick off a busy year for public offerings. Investment banks, led by Goldman Sachs and Morgan Stanley, have been busily courting private companies seen as ready for the public markets.
Dropbox, the file-sharing service, is considering an IPO, for example.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.