Shares of Redmond-based Paymentus Holdings, which provides online bill-paying services used by millions of customers of retailers, utilities and others, jumped 36.2% on Wednesday after an initial public offering in which the company sold 10 million shares.
The shares, priced by Paymentus at $21, rose $7.61 to close at $28.61 in trading on the New York Stock Exchange under its new ticker symbol, PAY. The offering raised $210 million before discounts and costs.
Paymentus reported 2020 revenues of $302 million, a 28% year-over-year increase, and net income of $13 million, essentially flat from the prior year. The company said it processed more than 195 million transactions, serving a network of more than 1,300 billers that include Walmart and PayPal.
CEO Dushyant Sharma, who founded the company in 2004, will own nearly 20% of the stock following the IPO. Most of the rest is owned by funds affiliated with private equity firm Accel-KKR.