Figure Technology Solutions Inc. successfully made its market debut, starting trading on Nasdaq at $36 per share.
Overview of Market Debut
Figure Technology Solutions Inc. conducted its initial public offering (IPO) on Nasdaq, opening at $36 per share. This event valued the company at $7.6 billion, a significant increase from the initial offering price of $25.
Financial Results and IPO Structure
During the IPO, the company sold 23 million Class A shares as well as nearly 8 million shares from existing shareholders, raising a total of $787.5 million. The transaction was supported by firms such as Goldman Sachs and Bank of America. Company founder Mike Cagney retains control with 68.6 percent voting power through super-voting Class B shares.
Future of the Company and Industry
Figure offers blockchain-based lending products like home equity loans and crypto-backed loans. Over the last six months, Figure earned $29.1 million on revenue of $190.6 million. Meanwhile, other crypto companies like Gemini and Kraken are also preparing to go public.
The debut of Figure Technology Solutions Inc. on Nasdaq reflects the growing interest in the cryptocurrency market. The success of the IPO underscores investor confidence in the future of blockchain technologies.
