Figure sets IPO Price at $25 per share, Pre-listing Valuation Surpasses $5 Billion

On September 11th, the blockchain-native lending company Figure Technology Solutions, which is led by SoFi co-founder Mike Cagney, announced the pricing of its initial public offering (IPO) on Wednesday evening. It issued 31,500,000 shares of Class A common stock. The company set the offering price at $25 per share, which is higher than the range of $20 to $22 per share disclosed earlier in the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on the same day. At the announced price, Figure plans to raise $7.875 billion through the IPO (previously projected at $6.93 billion), and the company's valuation is approximately $53 billion (previously $47 billion). After the offering, a total of about 211.7 million shares of Class A and Class B common stock will be outstanding, excluding the underwriters' over-allotment option. The offering includes 23,506,605 shares of Class A common stock issued by Figure and 7,993,395 shares of Class A common stock sold by certain existing shareholders. This is different from the previous figures in the documents, which were 26,645,296 shares and 4,854,704 shares respectively, indicating a change in the issuance structure. Figure will not receive any proceeds from the shares sold by existing shareholders.