Figure Technologies has set an initial public offering (IPO) price of $25 per share, valuing the offering at $787.5 million for 31.5 million Class A common shares. The offering comprises 23.5 million primary shares and 8 million secondary shares sold by existing investors, with an overallotment option allowing sale of up to 4.7 million additional shares under the underwriting agreement.
Company Background
Founded by SoFi co-founder Mike Cagney, Figure Technologies uses the Provenance blockchain to automate the origination, servicing and securitization of home equity loans. To date, the platform has originated over $16 billion in loans, leveraging smart contracts to increase processing efficiency and reduce operational costs for borrowers and financial institutions.
Use of Proceeds and Corporate Plans
Net proceeds will fund expansion of lending operations, enhancement of smart contract infrastructure and general corporate purposes. Planned initiatives include support for additional loan products and scaling of automated underwriting systems. A five-year share repurchase program has been authorized, targeting up to 10 percent of outstanding share capital subject to regulatory approval.
Regulatory Landscape
Figure anticipates compliance with the GENIUS Act stablecoin framework under the Office of the Comptroller of the Currency. The company has engaged regulatory counsel to navigate charter requirements and licensing pathways for stablecoin issuers in the United States.
Industry Impact
Market reaction in pre-market trading reflects strong demand for fintech innovation. Analyst projections suggest that Figure could reach profitability within three quarters of public trading, subject to continued growth in blockchain-based lending adoption. Trading under ticker FIGR on Nasdaq is expected to commence later today.
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