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Goodwin Procter Advises Xoom Corporation in Initial Public Offering

02.28.13

Goodwin Procter client Xoom Corporation, an online money transfer provider, recently closed its initial public offering of more than 7.2 million shares of its common stock at $16.00 per share. On February 15, 2013, the shares began trading on the NASDAQ Global Select Market under the ticker symbol XOOM. The company, who rang the NASDAQ opening bell on February 15, offered 6.2 million of the shares in the offering and selling stockholders offered 1.1 million shares. Xoom received approximately $92 million in net proceeds, and the selling stockholders received approximately $16 million.

Headquartered in San Francisco, CA, Xoom is a pioneer and leader in the online consumer-to-consumer international money transfer industry. Xoom’s online and mobile platforms offer customers a convenient, fast and cost-effective way to send money to family and friends. Xoom’s customers can send money to 30 countries, at any time, from any Internet-enabled location. Since January 1, 2008, the company’s customers have used Xoom to send $6.6 billion, including $1.7 billion in 2011 and $3.2 billion in 2012.

Barclays Capital Inc. and Needham & Company acted as joint book-running managers, and Raymond James & Associates and Robert W. Baird acted as co-managers for the offering.

The Goodwin IPO team was led by Rick Kline and Anthony McCusker (corporate) and included partners Lynda Galligan (ERISA), Jim Riley, (intellectual property), Kelsey Lemaster (tax) and Lynne Barr (financial services).

The Xoom press release announcing the pricing of its initial public offering can be read here. The announcement was also reported on by several media outlets including this article by the San Jose Mercury News.