Blockchain lending platform Figure Technology Solutions (FIGR) opened at $36 in its Nasdaq debut Thursday. This represents a 44% premium to its IPO price of $25, valuing the company at $7.62 billion. The stock price briefly surged to $38.05 before retreating to close at $31.11, a 24% increase.
FIGR IPO rises 24% on first day
Founded in 2018 and led by former SoFi CEO Mike Cagney, Figure initially entered the market with home equity lines of credit (HELOC) and subsequently launched cryptocurrency mortgages and a digital asset trading platform. According to official filings, Figure has issued over $16 billion in loans using blockchain technology to date and claims to have partnered with over 160 financial institutions, making it one of the largest non-bank providers of home equity lines of credit in the United States.
Figure had net income of $29.1 million on revenue of $190.6 million in the six months ended June 30, compared with a net loss of $15.6 million on revenue of $156 million in the same period last year.
The company's investors include affiliates of DCM, Ribbit, Gemini Investments and Morgan Creek Capital Management. After the IPO, founder Cagney will continue to control 68.6% of Figure's voting rights through his Class B shares, which carry 10 votes per share.
Figure Technology Solutions' stock opened at $36 in its Nasdaq debut Thursday. This represents a 44% premium to its IPO price of $25, valuing the company at $7.62 billion. The stock price briefly surged to $38.05 before retreating to close at $31.11, a 24% increase.
IPOs continue this week, with Gemini going public tonight at $28
This week is expected to be the busiest for US IPOs this year. Swedish "buy now, pay later" payments giant Klarna went public early Wednesday with a $1.37 billion IPO, sending its shares up 15% on their first day.
Separately, the Winklevoss twins' cryptocurrency exchange, Gemini, priced its offering on Thursday. Bloomberg reported that the company marketed shares at $24 to $26 per share, ultimately selling approximately 15.2 million shares at $28. Gemini will list on the Nasdaq exchange tonight under the ticker symbol GEMI. Nasdaq has agreed to subscribe to $50 million worth of private placement shares at the IPO price. Gemini is also reserving up to 10% of the IPO shares for long-term users, management, employees, and friends and family, and up to 30% for retail investors on self-directed investment platforms operated by companies like Robinhood, SoFi, and Webull.
( Gemini breaks institutional monopoly, 30% of IPO shares open to retail investors )
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