Figure Technology Solutions has priced its initial public offering (IPO) of 31.5 million common shares at $25.00 per share, raising $787.5 million and giving the company a valuation of $5.3 billion.
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 later today under the symbol ‘FIGR’.
On Tuesday, the company said it projected to raise around $693 million in the IPO.
Figure Technology, which was founded in 2018 by former SoFi Technologies CEO Mike Cagney, initially offered home equity lending but recently stated that it plans to diversify into a broader range of credit products, while also developing marketplaces for digital assets and stablecoins.
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.