Figure Technologies, an issuer of Stablecoin, is expected to increase the size and raise the price of its initial public offering (IPO) in response to the retail investor craze for crypto-related stocks, Reuters reported on Tuesday, citing an unnamed person with direct knowledge of the matter.
The media outlet noted that the company is considering a new IPO price range of $20 to $22 per share, up from $18 to $20 previously.
Figure Technologies is also expected to increase the number of shares available in the offering from about 26 million to 31.5 million.
The company is projected to raise around $693 million.
Figure, which operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets, is expected to start trading on the Nasdaq on Thursday under the symbol ‘FIGR’.
The company posted a profit of $29 million for the six months ended June 30, compared with a loss of $13 million during the same period last year.