Figure plans to increase its IPO size, intending to increase its shares from 26 million to 31.5 million

Blockchain lender Figure Technology Solutions Inc. expands its initial public offering to as high as $693 million, according to Bloomberg. According to a filing with the U.S. SEC on Tuesday, the company and some of its supporters will issue 31.5 million shares (the company will issue 26.6 million shares and shareholders will sell 4.9 million shares), up from the previously planned 26.3 million shares, and raise the issue price per share range from $18 to $20 to $22. Based on the raised price range upper limit, the IPO will bring Figure's market value to approximately $4.7 billion based on the number of shares issued. And in a 2021 venture capital round, the company is valued at $3.2 billion. The documents show that in the expanded issuance, Duquesne Family Office LLC has expressed its intention to buy up to $50 million in stock at the IPO price. Figure Company is expected to set the IPO price on Wednesday, and shares will start trading on the Nasdaq stock market on Thursday under the code FIGR.