Print
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.
Online payments company Affirm pops on public debut as others queue for IPOs
SHARE
Shares in online payments company Affirm Holdings Inc. nearly doubled on their public debut on the Nasdaq today as the market for initial public offerings in 2021 appears to be as hot as it was in 2020.
Affirm operates in the “buy now, pay later” short-term finance market, a segment of the financial services industry that has become popular over the last few years. The company priced its shares in its IPO at $49, above its initial target range of $41 to $44. But those numbers meant nothing to investors as Affirm shares surged to more than $100 at one point before closing regular trading at $97.24, up 98% over its IPO price.