Figure Technology Solutions Expands IPO to $693 Million Amid Strong Investor Demand

Figure Technology Solutions Inc. has significantly upsized its initial public offering, now targeting $693 million following robust investor interest. The fintech firm revised its filing to sell 31.5 million shares at $20-$22 apiece, a notable increase from its original plan of 26.3 million shares at $18-$20.

The oversubscribed deal positions Figure for a potential $4.7 billion valuation, marking a 47% premium to its 2021 funding round valuation of $3.2 billion. Founder Mike Cagney, who previously led SoFi Technologies, will retain majority voting control post-IPO while Michael Tannenbaum handles day-to-day operations as CEO.

Notably, Duquesne Family Office LLC has committed to purchase up to $50 million in shares, underscoring institutional confidence in the lending technology platform. The offering comprises 26.6 million primary shares and 4.9 million secondary shares from existing investors.