Figure set the IPO price at $25 per share, with a pre-listing valuation exceeding $5 billion

ChainCatcher news, Figure Technology Solutions, a blockchain-native lending company led by SoFi co-founder Mike Cagney, announced its initial public offering (IPO) pricing on Wednesday evening: it will issue 31,500,000 shares of Class A common stock. The company set the offering price at $25 per share—higher than the previously disclosed range of $20 to $22 per share in the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) earlier that day.

At the announced price, Figure plans to raise $787.5 million through the IPO (up from the previously expected $693 million), with a company valuation of approximately $5.3 billion (up from $4.7 billion). After the offering is completed, 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, as well as 7,993,395 shares of Class A common stock sold by certain existing shareholders. This represents an adjustment from the previous filing, which indicated 26,645,296 shares and 4,854,704 shares, reflecting a change in the offering structure. Figure will not receive any proceeds from the shares sold by existing shareholders.