Figure Technology Solutions Inc., a lending firm, has increased the size of its planned stock market debut to $693 million after strong demand. The company now wants to raise as much as $693 million by selling more shares at a higher price, according to a filing with the U.S. Securities and Exchange Commission.
The company and some of its investors now plan to sell 31.5 million shares, which is more than the earlier 26.3 million shares, according to the filing.
Figure also raised the expected price to between $20 and $22 a share, instead of the earlier $18 to $20. According to a Bloomberg report last week, the deal is already oversubscribed, which means more people want to buy shares than are available.
If the shares are sold at the top of the new price range, the company will be valued at around $4.7 billion. This is much higher than its value of $3.2 billion from a funding round in 2021.
Meanwhile, the company itself is offering 26.6 million out of the shares being sold, while current investors are selling 4.9 million. One investor, Duquesne Family Office LLC, has said it may buy as much as $50 million of the stock.
Figure was started in 2018 by Mike Cagney, who earlier co-founded and led SoFi Technologies. In 2024, the company named Michael Tannenbaum as chief executive officer to run daily operations. Even after the offering, filings show that Cagney will continue to hold most of the voting power at the company.
The firm first launched by offering home equity lines of credit, also called HELOCs, which allow homeowners to borrow against the value of their property. Over time, Figure added more services, such as crypto-backed loans and even a digital asset exchange. The company says it has used its blockchain system to fund more than $16 billion in loans since it began.
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