Borderfree is the latest tech initial public offering to hit the equity markets.

This story first appeared in the March 21, 2014 issue of WWD. Subscribe Today.

On Thursday night, shares of Borderfree were priced at $16 each. It is set to begin trading today.

The shares will trade on the Nasdaq under the symbol “BRDR.”

Borderfree is a logistics service that facilitates cross-border e-commerce between U.S. retailers and international shoppers in more than 100 countries and territories.

According to its shelf registration on file with the Securities and Exchange Commission, the firm is planning to raise up to $92 million, offering 5 million shares. There is an option for underwriters to purchase up to 750,000 additional shares to cover over-allotments. The company expects to net at least $67.1 million after administrative costs and will use the proceeds for general corporate purposes.

The filing said that a study commissioned by Borderfree and conducted by Forrester Research concluded that cross-border consumers are expected to spend $24 billion on physical goods from U.S. online retailers in 2014, and that the international market remains under-monetized by U.S. retailers today.

Borderfree works with 91 retail customers, including Aéropostale Inc.; J. Crew Group Inc.; Lands’ End Inc.; Gilt Groupe; Macy’s Inc.; Neiman Marcus Group Ltd. LLC; Sephora; Under Armour Inc. and Warby Parker.

Borderfree generates revenue from fees paid by its retail customers based on a percentage of sales generated by the Borderfree platform. Contracts with customers are typically one to four years, with one-year renewal periods. Additional revenue is generated via fulfillment services, foreign exchange and other transaction-related fees.

The company was founded in 1999 as a firm with a patented foreign exchange technology solution allowing retailers to pre­sent and settle transactions in different currencies. In 2008, it shifted course and launched its e-commerce platform.

In 2013, the company processed 2.1 million consumer transactions, representing $448 million in gross merchandise volume, a 48.3 percent jump from the $302 million processed in 2012. It settled transactions in more than 60 currencies. Borderfree’s top five international markets are Canada, Australia, the U.K., Russia and Hong Kong, which in the aggregate represented 63 percent of its sales volume for 2013.

Revenue in 2013 was $110.5 million, compared with $81.4 million in 2012. Of the $110.5 million in 2013, $53.3 million was from its global e-commerce services and $57.2 million was from fulfillment services. In 2013, the company posted a net loss of $654,000, or 15 cents a diluted share, compared with net income of $192,000, or a loss of 2 cents, in 2012. Fourth-quarter revenue in 2013 represented 32 percent of its total annual revenue, slightly down from the 36 percent in 2012.

In addition to growing its retail customer base, Borderfree plans to pursue acquisitions that complement its existing business structure.