Figure Technologies (NASDAQ:FIGR), a blockchain platform for lending and infrastructure, floated its shares on the Nasdaq today, closing with a 24.4% increase on its initial public offering price.
Figure increased its offer price range significantly just before its public float from $18 to $20 a share to $25 a share. It opened at $36 a share and closed the day at $31.11.
Figure is already profitable and has generated significant growth in the past year, so prospects are good for the firm if it can continue its current trajectory.
Figure was not the only Fintech to go public this week as Klarna (NYSE:KLAR), a BNPL/neobank, listed its shares on the big board, closing today at $42.80/share, only slightly higher than its offer price of $40 as some investors pared their holdings. Klarna traded as high as $57 a share on its opening day. Klarna operates in a highly competitive sector, with numerous firms offering BNPL and other overlapping services, while blockchain-based companies retain a degree of novelty.
Tomorrow is the big one with crypto exchange Gemini floating its shares on the Nasdaq in an offering that is reportedly 20X oversubscribed. Like Klarna and Figure, Gemini increased its offer price dramatically due to rising interest in the offering. Nasdaq has committed $50 million at the offering price.
The IPO market has turned pretty hot in recent months, which is good news for the exchanges as well as for firms looking to go public. Fintechs have played a prominent role in drawing investor interest as the industry represents the future of finance globally.
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