Figure Technology Solutions, which operates a blockchain-based consumer lending platform, raised $788 million by offering 31.5 million shares (25% secondary) at $25, above the upwardly revised range of $20 to $22. The company originally planned to offer 26.3 million shares (18% secondary) at a range of $18 to $20 before revising the terms earlier this week. The offering contained fewer primary shares than anticipated; insiders sold 3.1 million more shares to compensate for the difference. At pricing, Figure commands a fully diluted market value of $6.1 billion.
Figure has built a vertically integrated suite of blockchain-based solutions that powers its marketplaces, including lending, trading, and investing activities in areas such as consumer credit and digital assets. The foundation for its differentiated infrastructure has been in the home equity line of credit (HELOC) market. The company originates loans directly to borrowers, though it has also developed a partner-branded strategy through which mortgage originators, servicers, banks, wholesale brokers, and credit unions can use Figure's technology to originate and distribute their own loans. In 2024, Figure facilitated $5 billion in HELOCs (+51% y/y), claiming to achieve the #1 market share in the non-bank HELOC lending market that year.
Figure is the year’s latest sizable issuer to price above the range, following Klarna (KLAR), which rose +15% in its debut on Wednesday.
Figure Technology Solutions plans to list on the Nasdaq under the symbol FIGR. Goldman Sachs, Jefferies, BofA Securities, Societe Generale, Keefe Bruyette Woods, and Mizuho Securities acted as joint bookrunners on the deal.
