Blockchain-Based Lender Figure Prices IPO at $25 Per Share, Raising Nearly $788M

Figure Technologies, a blockchain-focused lending platform founded by SoFi co-founder Mike Cagney, has priced its initial public offering at $25 per share, raising $787.5 million. The company's Class A stock is set to 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. The IPO was recently 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 in this space. Goldman Sachs, Jefferies, and BofA Securities are leading the offering, with support from Societe Generale, Stifel, and Mizuho. The offering is expected to close on September 12, subject to standard conditions.