Figure Technology Solutions Inc., a company leveraging blockchain for credit services, has successfully completed an initial public offering (IPO), raising $787.5 million by selling 31.5 million shares. The firm’s shares were priced at $25 each, exceeding the initially planned range, leading to a valuation of approximately $5.3 billion. The IPO, closing on September 12th, included 23.5 million shares from Figure and 8M from existing stockholders. The company has the option to offer up to an additional 4.7 million shares at the IPO price to underwriters during a 30-day period. Goldman Sachs, Jefferies, and Bank of America Securities led the offering, with Societe Generale, Keefe, Bruyette and Woods, Mizuho, and others serving as bookrunners or co-managers. 12th, Figure joins other companies like Klarna in going public during a busy week for IPO volume in the US, achieving a successful debut with shares gaining 15% on their first trading day. Meanwhile, Gemini Space Station Inc., founded by Cameron and Tyler Winklevoss, is also preparing for its own listing soon. Figure’s platform uses blockchain technology to simplify loan processes and facilitate faster loan access. Founded in 2018 by Mike Cagney (who previously ran SoFi), the company saw Michael Tannenbaum join as CEO in 2024. The firm’s valuation soared to $3.2 billion in 2021, before exceeding expectations with an expanded offering. Following the IPO, Mike Cagney, a key shareholder and Co-Founder, maintains control of approximately 68.6% of voting power due to his ownership of special Class B shares granting him 10 votes per share. The IPO was successfully managed by prominent banks like Goldman Sachs, Jefferies, and Bank of America, with the company’s Class A shares expected to begin trading on the Nasdaq stock market under the ticker symbol FIGR as early as Thursday.