Wednesday, October 27

Remittance processor Remitly valued at over $8 bln after strong market debut

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Shares of Remitly Inc opened more than 23% above their initial public offering (IPO) price in their Nasdaq debut on Thursday, giving the remittance processor a market capitalization of roughly $8.5 billion.

The stock opened at $52.9 per share, up from the IPO price of $43 per share.

(Reporting by Niket Nishant and Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)