Figure sets IPO price at $25 per share, with a valuation that exceeds $5 billion before listing

BlockBeats News, on September 11, Figure Technology Solutions, a blockchain native lending company led by SoFi co-founder Mike Cagney, announced its initial public offering (IPO) pricing: issuance of 31,500,000 shares of Class A common stock. The company set the issue price at $25 per share — higher than the range of $20 to $22 per share disclosed in S-1 filings filed with the U.S. Securities and Exchange Commission (SEC) earlier that day. At the announced price, Figure plans to raise $787.5 million through an IPO (previously estimated at $693 million) and the company is valued at about $5.3 billion (previously $4.7 billion). Upon completion of the issuance, a total of approximately 211.7 million shares of Class A and Class B common stock will be in circulation, excluding the underwriter’s over-allotment option. The offering includes 23,506,605 Class A common shares issued by Figure, and 7,993,395 Class A common shares sold by some existing shareholders. This is adjusted from the data in the previous document, which was 26,645,296 shares and 4,854,704 shares respectively, i.e. the issuance structure changed. Figure will not receive any gain from the shares sold by existing shareholders.