Stablecoin issuer Figure Technologies is increasing the size and price of its upcoming initial public offering (IPO) due to strong demand, particularly from retail investors.
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The company is considering a new IPO price range of $20 to $22 a share, which is higher than the $18 to $20 a share it originally priced the stock offering at. Figure also plans to issue 31.5 million shares in the IPO, an increase from 26 million previously.
The new pricing will lead Figure to raise just under $700 million from the IPO, up from $526 million that was initially planned. Figure plans to make its market debut on the Nasdaq (NDAQ) exchange on Sept. 11 under the ticker symbol “FIGR.”
Hot Crypto Stocks
Figure is going public as cryptocurrency stocks remain red hot. Recent months have seen successful IPOs from crypto exchange Bullish (BLSH) and stablecoin issuer Circle (CRCL). Founded in 2018, Figure operates a blockchain-native platform for lending, trading, and investing in consumer credit and digital assets.
Notably, Figure says that it funds home equity loans in just 10 days, compared to the industry average of 42 days. The company swung to a profit of $29 million for the six months ended June 30 of this year, up from a loss of $13 million in the same period a year earlier.
Figure is not the only crypto company going public in coming days. Cryptocurrency exchange Gemini is making its market debut on Sept. 12, a day after Figure.
Is CRCL Stock a Buy?
As Figure is not yet publicly traded, we’ll look instead at the stock of stablecoin issuer Circle Internet Group. As one can see below, the stock has a consensus Hold rating among 16 Wall Street analysts. That rating is based on six Buy, six Hold, and four Sell recommendations issued in the last three months. The average CRCL price target of $175.67 implies 50.82% upside from current levels.
