Figure Increases Size of IPO With $4.6 Billion Target
Stablecoin issuer Figure has increased the size and price range of its initial public offering (IPO).
The company said in a securities filing Tuesday (Sept. 9) that it was now marketing the IPO at a price range of $20 to $22 a share, aiming to sell 31.5 million shares. Figure had initially targeted a range of $18 to $20 a share, with plans to sell 26 million shares.
Based on these figures, Figure’s IPO will raise roughly $693 million and value the company at $4.66 billion, compared to the initial plan to raise as much as $526 million, valuing the company at $4.1 billion. Figure is set to begin trading on the Nasdaq on Thursday (Sept. 11) under the symbol FIGR.
Founded in 2018, Figure began by offering home equity lending but has since established what it says is a vertically integrated model that melds together origination, marketplace distribution and capital markets execution.
The company’s securities filing examines out how it plans to expand from home equity loans into a broader range of credit products, while also developing marketplaces for digital assets and stablecoins. Management contends that the combination of artificial intelligence-driven automation and blockchain’s transparency could remove inefficiencies from lending markets while providing faster, more accessible credit.
“The infrastructure supporting capital markets today is fragmented and operates on legacy systems which employ antiquated processes for loan approvals and transaction processing. This creates process and cost inefficiencies in serving consumer credit markets and limits the development of alternative marketplaces,” the company said in the filing.
“Furthermore, the manual elements underpinning the records of ownership and transfer of financial and real assets constrain liquidity, maintain elevated costs, and are error-prone.”
Figure’s plan to go public comes amid the growing popularity of the digital asset sector, sparked by the Trump administration’s pro-crypto stance. Since the president took office, investors have been bolstering the crypto sector, with companies like Bullish and Circle enjoying successful IPOs this summer.
Meanwhile, other companies in the digital asset space are waiting for their market debuts. Crypto exchange Gemini said last week it is targeting a $2.1 billion valuation when it goes public. And earlier this week, cryptocurrency asset manager CoinShares announced plans to list on the U.S. market via a special purpose acquisition company merger.
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