UPDATE 1-Shares of e-commerce tech firm Borderfree soar in debut

Fri Mar 21, 2014 11:01am EDT
 
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* At high of $21.25, company valued at about $648 mln

* Company raises about $80 mln from offering (Adds details)

March 21 (Reuters) - Borderfree Inc's shares rose as much as 33 percent in their debut, valuing the e-commerce technology provider at about $648 million.

Borderfree provides online tools that help U.S. retailers such as Macy's Inc, Aeropostale Inc and Under Armour Inc.

The company raised about $80 million after its offering of 5 million shares was priced at $16 each, the top end of its expected price range.

Borderfree's shares opened at $21 and rose to $21.25. About 3 million shares changed hands by 1100 ET.

The company, which was formerly known as FiftyOne Inc, changed its name to Borderfree after acquiring a business unit with the same name from Canada Post Corp in 2012.

Borderfree's revenue comes from fees paid by customers, based on a percentage of sales generated through its platform.

Overseas consumers are expected to spend $24 billion on physical goods from U.S. online retailers in 2014, the company said, citing a study by Forrester Research Inc.   Continued...