Figure Technology Solutions Inc., utilizing blockchain for credit services, successfully conducted its initial public offering (IPO), raising $787.5 million.
Details of Figure Technology Solutions Inc. IPO
Figure Technology Solutions Inc. executed an IPO, offering 31.5 million shares at a price of $25 each. The total amount raised was $787.5 million, exceeding the initial estimates. The IPO closed on September 12, featuring 23.5 million shares from the company and 8 million from existing shareholders.
Key Investors and Their Role
Investors in Figure Technology Solutions Inc. include Ribbit Capital and Duquesne Family Office, led by Stanley Druckenmiller, who is interested in purchasing up to $50 million worth of shares. The IPO was managed by Goldman Sachs, Jefferies, and Bank of America.
Company Strategy and Future
Figure Technology Solutions was founded in 2018 by Mike Cagney, who previously ran SoFi. The company leverages blockchain technology to streamline lending processes, including loans backed by cryptocurrency and operating a digital asset exchange. Following the IPO, Mike Cagney will retain 68.6% of the company's voting power due to holding special class B shares.
The success of Figure Technology Solutions Inc.'s IPO highlights the growing interest in blockchain technologies in the financial sector. With $787.5 million raised, the company aims to continue expanding its services in the lending market.
