A representation of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
NEW YORK (Reuters) - Stablecoin issuer Figure Technologies increased the size and raised the price range of its initial public offering on Tuesday as retail investors bid up crypto-related stocks, confirming a Reuters report.
The company is now marketing the IPO at a price range of$20 to $22 a share – up from its previous range of $18 to $20 a share. It also raised the number of shares to31.5 million from around 26 million.
At the top end of the new pricing range, Figure's IPO will raise roughly $693 million and value the company at $4.66 billion.
Figure's IPO initially would have raised as much as $526 million and valued the company at $4.1 billion. The blockchain firm 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.
Goldman Sachs, Jefferies, and BofA Securities are the joint lead bookrunning managers for Figure's IPO.
Billionaire investor Stanley Druckenmiller's Duquesne Family Office has indicated interest in buying up to $50 million worth of shares from Figure's offering.
(Reporting by Echo Wang in New York; Editing by Dawn Kopecki and Nick Zieminski)
