Blockchain lender Figure Technology Solutions opened strongly on the Nasdaq after pricing its U.S. IPO at $25 a share, selling 31.5 million shares to raise $787.5 million at an implied $5.29 billion valuation. The deal priced above an already raised $20–$22 range, signaling firm demand into the open.
Indications pointed to a start about 36% above the offer at roughly $34 per share, and early trades reached about $35.50, ~42% over the IPO price.
Key facts updated
- Offer: 31.5M shares at $25; gross proceeds $787.5M.
- Valuation: ~$5.29B at the offer.
- Ticker/Exchange: FIGR / Nasdaq.
- Lead banks: Goldman Sachs, Jefferies, BofA Securities.
What’s driving demand
Figure is a credit platform built on blockchain rails, best known for home-equity lending and related “real-world asset” workflows. The company markets faster funding, about 10 days vs. roughly 42 days for typical industry processes, by automating documentation and settlement on chain.
Financial profile: Figure has highlighted improving profitability. Media tallies cite $340.9M in 2024 revenue with $19.9M in net income, and $190.6M in 1H25 revenue with $29.4M profit—numbers that helped investors underwrite the higher range and strong day-one bid.
Anchor interest: The book also drew an indication from Duquesne Family Office for up to $50M of shares at the IPO price (customary non-binding interest), adding confidence to allocations.
Market backdrop
Figure’s float arrives amid a broader revival for crypto-adjacent listings and fintechs, with digital-asset market value reported above $4T and a busier U.S. IPO pipeline. That context, plus Figure’s profitability, helped support the upsized deal and premium pricing.
What to watch next
- Price discovery: Can FIGR hold gains after the opening pop? Early prints near $35–$36 price in optimistic growth and credit assumptions; watch for stabilization around VWAP as liquidity builds.
- Mix of sellers: Reuters notes existing investors sold alongside the company; keep an eye on future unlocks and any over-allotment activity in the first 30 days.
- Credit performance: Loan growth vs. credit costs and funding spreads will be key for a lender trading with a “tech multiple.” Updates in the first quarterly report will matter.
Bottom line
Pricing above a raised range, a solid day-one pop, and top-tier banks point to real demand for a blockchain-native lender taking “real-world assets” on chain. Execution from here—growth, margins, and credit quality—will decide whether FIGR’s debut premium sticks. For live figures and additional context.
