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.
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.
Private equity-backed Driven Brands, which owns the auto body repair brand Meineke, shifted its initial public offering plans into gear Thursday by setting terms that could see North America's largest automotive services company rake in $703 million, with advice from Paul Weiss and Latham & Watkins.
By Reuters Staff
2 Min Read
(Reuters) - Driven Brands Holdings Inc, one of the largest U.S. auto services franchisers, is looking to raise as much as $760 million through an initial public offering, which would value the Roark Capital-owned company at about $3.4 billion.
Driven plans to sell 38 million shares of its common stock priced at between $17 and $20 apiece, it said in a filing on Thursday. [bit.ly/3q1gUhY]
Last year, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, had considered selling it for about $2 billion, according to a Bloomberg report. [bloom.bg/392Q2Hy]
Driven reported $2.4 billion in sales in the nine months ended Sep. 26, 2020, generating $616 million in revenue, according to the filing. [bit.ly/35k3Qwj]