%Blockchain focused lending platform %FigureTechnologies has priced its initial public offering (IPO) at $25 U.S. per share, raising $787.5 million U.S. in the process.
The crypto company’s stock is scheduled to begin trading on the %Nasdaq (NASDAQ: $NDAQ) exchange under the ticker symbol “FIGR” later today (Sept. 11).
Figure was founded by %SoFi (SOFI) creator Mike Cagney and claims to process consumer loans quickly and efficiently.
Notably, Figure says that it funds home equity loans in only 10 days versus the industry average of 42 days.
Management says that Figure has originated more than $16 billion U.S. in home equity loans, making it the largest non-bank provider of that type of financing.
In its IPO prospectus, Figure said that it swung to a profit of $29 million U.S. for the six months ended June 30 of this year.
The IPO will see Figure issue a total of 31.5 million shares. The company increased the price of its IPO and the number of shares being issued due to strong investor demand.
Goldman Sachs (NYSE: $GS) and %BankofAmerica (NYSE: $BAC) are the lead underwriters of Figure’s IPO.
