Blockchain-native lending firm Figure Technology Solutions, led by SoFi co-founder Mike Cagney, announced the pricing of its initial public offering of 31,500,000 shares of its Class A common stock late Wednesday.
The firm set a price of $25 per share — an increase from its estimated IPO range of between $20 and $22 per share, stated in an S-1 filing with the Securities and Exchange Commission earlier in the day.
At the announced price, Figure's IPO targets a raise of $787.5 million (up from $693 million), and values the company at roughly $5.3 billion (up from $4.7 billion). Approximately 211.7 million total Class A and Class B shares will be outstanding immediately after the offering, excluding the underwriters' overallotment option.
The offering comprises 23,506,605 shares of Class A common stock from Figure, along with 7,993,395 shares of Class A common stock being offered by certain existing stockholders. That represents a change from the 26,645,296 and 4,854,704 respective figures in the prior filing, shifting the composition of the total share offering. Figure will not receive any proceeds from the shares sold by existing stockholders.
In addition, Figure has provided the underwriters with a 30-day option to purchase up to 4,725,000 additional shares of its Class A common stock at the initial public offering price, minus underwriting discounts and commissions.
Figure's shares are expected to start trading on the Nasdaq Global Select Market under the ticker "FIGR" on Thursday. The offering is scheduled to close on Sept. 12, subject to customary closing conditions, the firm said. The SEC declared the registration statement for the securities effective on Sept. 10.
Goldman Sachs, Jefferies, and BofA are joint lead bookrunners for the offering, with Societe Generale, KBW, and Mizuho as bookrunners. Texas Capital Securities, Needham & Company, Piper Sandler, FT Partners, KKR, and Roberts & Ryan are acting as co-managers.
Figure joins a growing list of crypto-related companies that have gone public, including Coinbase, Circle, and Bullish. BitGo, Gemini, Grayscale, and Kraken are also eyeing public listings.
