Blockchain lender Figure US stocks rose by more than 44% on the first day of listing

PANews reported on September 12 that according to Bloomberg, Figure Technology Solutions Inc. completed a US$787.5 million IPO on Nasdaq. After the opening, the stock price rose by more than 44%. Its stock price closed up 24%, closing at US$31.11, higher than the IPO issue price of US$25 per share. The company used blockchain technology to provide loan services, achieving a net profit of US$29.1 million and revenue of US$190.6 million in the first half of the year. The IPO attracted more than 25 times the subscription, and retail investors received large allocations. Figure was founded by former SoFi CEO Mike Cagney and has now issued more than $16 billion in loans through blockchain.