Borderfree prices IPO at top end of $14-$16 range: underwriter
(Reuters) - E-commerce technology company Borderfree Inc priced its initial public offering at $16 per share, the top end of its planned price range, according to an underwriter.
The company, which helps U.S. retailers and brands expand internationally, will have an equity valuation of about $488 million at the IPO price.
It sold 5 million shares in the offering, raising $80 million in proceeds. The company expected the shares to be priced at $14-$16 per share.
New York-based Borderfree provides online tools to support international e-commerce for U.S. retailers such as Macy's Inc (M.N), Aeropostale Inc (ARO.N) and Under Armour Inc (UA.N).
Borderfree generates revenue from fees paid by its customers based on a percentage of their sales generated through the company's platform.
Cross-border consumers are expected to spend $24 billion on physical goods from U.S. online retailers in 2014, the company said in its IPO filing, citing a study by Forrester Research Inc.
Borderfree shares are scheduled to begin trading on Friday on the Nasdaq under the symbol "BRDR".
Credit Suisse and RBC Capital Markets were lead underwriters to the offering.
(Reporting by Aman Shah in Bangalore; Editing by Maju Samuel)