Figure Technologies Prices IPO at $25 Per Share, Raising $788M

Figure Technologies, a blockchain-based lending platform founded by SoFi co-founder Mike Cagney, has priced its initial public offering at $25 per share, raising nearly $788 million. The company's Class A shares will begin trading on the Nasdaq under the ticker symbol "FIGR" on September 11.

The offering comprises 31.5 million shares, with 23.5 million coming directly from Figure and 8 million from existing shareholders. Underwriters have the option to purchase an additional 4.7 million shares. Last week, the IPO was upsized to $526 million, reflecting strong investor interest.

Figure has originated over $16 billion in home equity loans, positioning itself as the largest non-bank provider of such financing. Goldman Sachs, Jefferies, and BofA Securities are leading the offering, with participation from Societe Generale, Stifel, and Mizuho. The offering is expected to close on September 12, pending standard conditions.