Boston-based payment processor Flywire announced its IPO pricing last night. The company sold 10.44 million shares at $24 per share, the upper limit of its $22 to $24 per share price range. At that share count and price, Flywire’s gross IPO proceeds stood at $250.6 million.
Renaissance Capital pegs the company’s fully diluted valuation at $2.8 billion. Using a simple share count, the company is worth $2.40 billion at its IPO price.
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The Flywire IPO is neat from a financial perspective and notable in that it’s a Boston exit as opposed to yet another New York or San Francisco-based flotation. It’s nice to see some other cities put points on the board.
But more than that, this IPO is a useful measuring stick for keeping tabs on the IPO market as a whole. This year and the last are shaping up to be key exit periods for startups and unicorns of all shapes and sizes; many a venture capital fund return rests on these public debuts.