Figure Technology Solutions started trading as a public company and the first moves were substantially higher, according to information on Yahoo Finance.
The company
At the time of pricing Figure had a preliminary market cap of $4.3 billion. In comparison, Rocket Cos. has the largest market cap of a nonbank mortgage company at $48.8 billion, while UWM Holdings has a market cap of $11.3 billion.
Going public is "a natural extension" for Figure and its businesses, said Todd Stevens, chief capital officer, in an interview.
"We validated many aspects of our business," Stevens said, with
"We've been in IPO readiness mode for a while, and then the markets just look very inviting," he added. Its bankers' also told management it was a good time to move forward with the process.
Figure is also seeing the markets understand and even pivot towards more digitization and even tokenization of assets, Stevens said. This includes
Based on preliminary interest, Figure had upsized the number of shares available to 31.5 million. Its final range for pricing was between $20 and $22 per share, but when it acted on Wednesday evening, it increased that to $25 per share.
Figure has a growing crypto-backed lending business, which is growing at a similar rate to the HELOC, albeit at a smaller base, Stevens said.
"We're very confident that this convergence between traditional finance and digital assets and DeFi is a real trend, and it's gathering speed, and having these two businesses together makes a lot of sense," Stevens said.
Figure aims "to really be at the center of that convergence and be that firm that can bridge that gap, that's going to unlock tremendous value for borrowers," he continued.
While Figure's
