March 20 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
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
, Aeropostale Inc and Under Armour Inc.
Borderfree generates revenue from fees paid by its customers
based on a percentage of their sales generated through the
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
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)