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, which would raise $787.5 million.

Shares of the company’s Class A stock is scheduled to begin trading on the Nasdaq under the ticker symbol “FIGR” later today, September 11, according to a press release.

The offering includes 31.5 million shares, with roughly 23.5 million coming directly from Figure and 8 million from existing shareholders. An additional 4.7 million shares could be sold if underwriters exercise their option to purchase more.

Last week, the company’s IPO was upsized to $526 million.

Figure has helped originate more than $16 billion in home equity loans, which the firm says makes it the largest non-bank provider of that financing.

Goldman Sachs, Jefferies and BofA Securities are leading the offering, joined by a slate of other underwriters, including Societe Generale, Stifel, and Mizuho.

The offering is set to close on September 12, pending typical closing conditions.