Key Highlights:
- Trading for the company’s stock is expected to begin on September 11th on the Nasdaq exchange, using the symbol “FIGR.”
- The IPO’s underwriters have the possibility of acquiring an additional 4,725,000 shares, potentially raising the total number of shares available to 36.2 million.
- The company itself will not benefit financially from the sale of shares owned by existing shareholders.
Figure Technology Solutions, a lending platform leveraging blockchain, has set the price for its initial public offering (IPO) at $25 per share. According to a statement, the IPO involves the sale of 31.5 million Class A common stock shares, with approximately 23,506,605 originating from Figure and 7,993,395 from current stakeholders.
At this price, the IPO could generate $787.5 million. As stated before, Figure itself will not receive any of the funds from the sale of shares held by existing investors. The stock is scheduled to commence trading on the Nasdaq using the “FIGR” ticker on September 11th. The offering is slated to conclude on September 12th, contingent upon standard closing requirements being fulfilled.
Furthermore, the underwriters have been granted an option, valid for 30 days, to purchase up to 4,725,000 additional shares, potentially increasing the total number of shares in circulation to 36.2 million.
Goldman Sachs, Jefferies, and BofA Securities are acting as the primary joint bookrunning managers for the offering. Societe Generale, Keefe, Bruyette & Woods (a division of Stifel), and Mizuho are serving as bookrunners.
The offering is being jointly managed by Texas Capital Securities, Needham & Company, Piper Sandler, FT Partners, KKR, and Roberts & Ryan.
This IPO joins a growing number of cryptocurrency-related firms seeking public market access. The successful public debuts of companies like eToro and Circle Internet earlier this year prompted several other crypto businesses to pursue IPOs.
Earlier this year, back in February, Figure secured a $200 million investment from Sixth Street, an investment management firm, to facilitate expansion into new lending sectors.
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