Figure Technologies, a blockchain-driven lending platform co-founded by Mike Cagney, has announced the pricing of its initial public offering (IPO) at $25 per share, aiming to raise a total of $787.5 million. The company’s Class A stock is expected to commence trading on the Nasdaq under the ticker symbol “FIGR.” The IPO is set to unfold with an offering of 31.5 million shares, which includes approximately 23.5 million shares from Figure itself and another 8 million from its existing shareholders. Additionally, there is a provision for underwriters to potentially acquire up to 4.7 million more shares.
Recently, the size of the IPO was increased, with a target now set at $526 million. This marks a significant milestone for Figure, which has successfully originated over $16 billion in home equity loans, positioning itself as the largest non-bank provider in this sector.
Goldman Sachs, Jefferies, and BofA Securities are spearheading the offering, supported by an array of other financial institutions including Societe Generale, Stifel, and Mizuho. The IPO is anticipated to conclude on September 12, contingent on standard closing conditions.
Figure Technologies’ move into the public market coincides with a growing trend of fintech companies leveraging blockchain technology to enhance their operational efficiencies and service offerings. The firm’s valuation is projected to exceed $4 billion, a reflection of its rapid growth and significant market presence.
