Flywire Corp. set terms of its initial public offering, in which the Boston-based payments enablement and software company is looking to raise up to $208.8 million. The company said it will offer 8.7 million shares in the IPO, which is expected to price between $22 and $24 a share. At that pricing, the company could be valued at up to $2.40 billion. The stock is expected to list on the Nasdaq under the ticker symbol “FLYW.” The company listed 13 underwriters, led by Goldman Sachs, J.P. Morgan, Citigroup and BofA Securities. Flywire recorded a net loss of $8.7 million on revenue of $45.0 million for the quarter ended March 31, after net income of $781,000 on revenue of $32.7 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 22.6% over the past three months while the S&P 500 has gained 6.4%.
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