Stablecoin issuer Figure Technologies is increasing the size and upping the price of its initial public offering as retail investors bid up crypto-related stocks, a person familiar with direct knowledge of the matter told Reuters.
The company is considering a new IPO price range of $20-$22 a share–from $18- $20 a share – and raising the number of shares to 31.5 million from around 26 million, this person said, asking not to be identified because the information isn’t public yet.
The new pricing will raise roughly $693 million, up from $526 million. The exact amounts were still in flux late Monday night and could be adjusted again before its IPO on Thursday, this person said, cautioning that the decision to revise the IPO plan wasn’t yet final.
Figure didn’t immediately respond to a request for comment. 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.