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Affirm Holdings Inc. s stock almost doubled in its public market debut, the latest multibillion-dollar technology company to start trading significantly higher than its initial public offering price.
Shares of the San Francisco company, which provides installment loans to online shoppers, closed up 98% at $97.24 in New York trading after rising as much as 110% earlier Wednesday. The company sold 24.6 million shares at $49 each in Tuesday’s IPO to raise $1.2 billion, pricing the stock above a range that had already been increased.
Affirm closed Wednesday with a market value of more than $23 billion. The company has a fully diluted valuation of almost $30 billion, including options and restricted stock units, according to Bloomberg calculations.
Affirm shares almost double in debut after US$1.2B U.S. IPO
Crystal Tse, Bloomberg News VIDEO SIGN OUT
Affirm Holdings Inc. almost doubled in its public market debut, the latest multibillion-dollar technology company to start trading significantly higher than its initial public offering price.
Shares of the San Francisco-based company, which provides installment loans to online shoppers, closed up 98 per cent to US$97.24 in New York trading after rising as much as 110 per cent earlier Wednesday. The company sold 24.6 million shares at US$49 each in Tuesdayâs IPO to raise US$1.2 billion, pricing the stock above a range that had already been increased.
Lender Affirm Prices IPO Above Range to Raise $1.2 billion
Bloomberg 1/13/2021 Crystal Tse and Katie Roof
(Bloomberg) Affirm Holdings Inc., which provides installment loans to online shoppers, priced its U.S. initial public offering above its marketed range to raise $1.2 billion.
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In the first major U.S. technology listing this year, Affirm sold 24.6 million shares for $49 each, according to a statement on Wednesday, confirming an earlier Bloomberg News report. The San Francisco-based company had marketed the shares for $41 to $44 apiece, a range that it had raised Monday from $33 to $38.
The IPO gives Affirm a market value of $11.9 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission. The company’s fully diluted valuation, including options and restricted stock units, is about $15 billion.