Figure prices IPO above expected range

Figure Technology Solutions priced its initial public offering Wednesday evening at $25 per share.

This is $3 per share higher than the last expected price range of between $20 and $22.

The first trade is expected to take place on Nasdaq on Thursday between late morning and early afternoon under the FIGR ticker symbol.

While the total sale is still 31.5 million shares, more shares than previously reported are being sold by existing owners; the prospectus previously identified the bulk of those coming from Ribbit Capital IV and Mike Cagney.

It will now consist of over 23.5 million shares of Class A common stock offered by the company and just under 8 million shares being sold by existing holders. In addition, the underwriters have an overallotment of over 4.7 million shares.

Because of the voting weight of Class B stock which Cagney owns, he and his wife June Ou will control over 72% of the company, the prospectus had said.

Other mortgage IPOs that took place had priced under the expected range. Rocket Cos. when it went public in August 2020 put out a range of between $20 to $22 per share as well, but priced before the market opened at $18.

When Guild went public later that year in October at $15 per share, it was $2 per share lower than the expected $17 to $19. The company has since agreed to merge with Bayview in a $20 per share transaction.

After several starts and stops, Loandepot finally went public in February 2021, and it too downsized the offering size and the price to $14 per share from an expected $19 to $21.

UWM Holdings, Finance of America and Better also went public but elected to do so via special purpose acquisition company merger.