Remitly Global, which provides a mobile payment service for international money transfers, announced terms for its IPO on Tuesday.
The Seattle, WA-based company plans to raise $487 million by offering 12.2 million shares (42% secondary) at a price range of $38 to $42. The company plans to raise an additional $25 million in a concurrent private placement to existing shareholder PayU Global. At the midpoint of the proposed range, Remitly Global would command a fully diluted market value of $7.5 billion.
Remitly states that it is a leading digital financial services provider for immigrants and their families in over 135 countries. The company has expanded its core cross-border remittance product to over 1,700 corridors worldwide and extend its offering to a broader suite of financial services. As of June 30, 2021, over 85% of its customers engaged with Remitly via its mobile app.
Remitly Global was founded in 2011 and booked $354 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol RELY. Goldman Sachs, J.P. Morgan, Barclays, Citi, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of September 20, 2021.
