Figure Technologies, a lending platform leveraging blockchain technology and co-founded by SoFi’s founder Mike Cagney, has set the price for its initial public offering (IPO) at $25 per share. The move is projected to generate $787.5 million for the company.
Trading of Figure’s Class A stock is slated to commence later today, September 11, on the Nasdaq exchange. The stock will be listed under the ticker symbol “FIGR,” according to a company statement.
The IPO consists of 31.5 million shares. Approximately 23.5 million of these shares are being offered directly by Figure, while the remaining 8 million shares are being sold by current shareholders. Furthermore, underwriters have the option to purchase an additional 4.7 million shares, should they choose to exercise it.
Just last week, the size of the company’s IPO was increased to $526 million, signaling strong investor interest.
Figure Technologies has facilitated over $16 billion in home equity loans, a figure the company claims makes them the leading non-bank source for this type of financing.
The IPO is being spearheaded by Goldman Sachs, Jefferies, and BofA Securities. They are being supported by a syndicate of underwriters, including Societe Generale, Stifel, and Mizuho.
The finalization of the offering is anticipated on September 12, subject to the fulfillment of standard closing conditions.
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