NEW YORK—Investors banking on the latest advances in international money transfers bid up shares in the IPO of Xoom Corp., XOOM +43.81% which lets customers wire cash across borders using the Web.
Xoom's shares opened at $21 on the Nasadaq Stock Market, up 31% from their $16 offer price. The stock climbed to $23 in recent trading, up 44%.
San Francisco-based Xoom operates a money-transfer business that lets people living in the U.S. use computers and smartphones to send money to 30 countries. The company generates revenue primarily from transaction fees.