PayPal Valued at About $52 Billion in Nasdaq Return
PayPal Holdings shares jumped as much as 11 percent in their highly anticipated return to the Nasdaq on Monday, valuing the company at about $52 billion.
PayPal, spun off from eBay (EBAY), is widely expected to build partnerships with e-commerce rivals and try to seize market share from startups such as Stripe and Square and technology behemoth Apple (AAPL), which unveiled its own mobile payments service last year.
PayPal shares soared to $42.55 in early trading, up from Friday's close of $38.35 when the shares were trading on a "when issued" basis. EBay's stock fell as much as 4.7 percent, valuing the company at about $32 billion.
View all Courses
"PayPal is the gorilla among independent digital payment service providers with more than 160 million active accounts, global scale and brand recognition," J.P. Morgan analysts said.
PayPal is also looking to compete with Western Union (WU) and other money transfer companies. CEO Dan Shulman said he was looking to use PayPal's size to offer affordable financial services widely.
