NEW YORK : Stablecoin issuer Figure Technologies on Tuesday increased the size and raised the price range of its initial public offering as retail investors bid up crypto-related stocks, confirming a Reuters report.
The company is now marketing the IPO at a price range of $20 to $22 a share – up from its previous range of $18 to $20 a share. It also raised the number of shares to 31.5 million from around 26 million.
At the top end of the new pricing range, Figure’s IPO will raise roughly $693 million, up from $526 million earlier.
The blockchain firm, which initially targeted a valuation of $4.1 billion, is scheduled to start trading on the Nasdaq on Thursday under the symbol FIGR.
The Trump administration’s embrace of the crypto industry has prompted investors to pour money into digital assets, especially following the successful debuts of crypto exchange Bullish and stablecoin issuer Circle in recent weeks.
Co-founded in 2018 by technology entrepreneur Mike Cagney, Figure operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets.
The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days.
It swung to a profit of $29 million for the six months ended June 30, compared with a loss of $13 million in the same period a year earlier.
