Remitly sets IPO terms, to be valued at up to $6.8 billion

Remitly Global Inc.
RELY,

could be valued at up to $6.78 billion, as the Seattle-based digital financial services provider for immigrant has set terms of its initial public offering. The company is looking to raise up to $294.0 million as it is offering 7.0 million shares in the IPO, which is expected to price between $38 and $42 a share. Selling shareholders are offering an additional 5.16 million shares to raise up to $216.8 million. The company expects to have about 161.42 million shares outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol “RELY.” Goldman Sachs and J.P. Morgan are the lead underwriters. The company recorded a net loss of $9.2 million on revenue of $202.1 million in the six months ended June 30, after a loss of $21.1 million on revenue of $105.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF
IPO,
-1.45%
has gained 5.9% over the past three months and the S&P 500
SPX,
+0.23%
has tacked on 5.0%.