Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Affirm Holdings prices US IPO above target range raises $ 1.2 billion

Affirm Holdings prices US IPO above target range raises $ 1.2 billion



Affirm Holdings Inc, a US provider of installment loans to online shoppers, said on Wednesday that it sold shares in its initial IPO at $ 49 per share. Piece over its target area to raise 1.2 billion.

Affirm said it offered 24.6 million shares of its Class A stock and that the shares should start trading on the Nasdaq later in the day under the symbol “AFRM”.

GET FOX BUSINESS ON SPEED by clicking here

Affirm, founded by PayPal Holdings Inc co-founder Max Levchin, had planned to sell 24.6 million shares at a target price of between $ 41

and $ 44 each. The company had increased its stock offer from a range of $ 33 to $ 38 per share. Stock Monday.

The IPO, the largest U.S. IPO in 2021 to date, signals that investors’ appetite for new stocks remains robust after a stellar 2020, which was the strongest IPO in two decades.

Levchin founded Affirm in 2012 to offer easily accessible financing targeted at predominantly young online customers who pay back in monthly installments. The company generated revenue of $ 174 million for three months ending September 2020, an increase of 98% from the previous year. Its net loss narrowed to $ 15.3 million compared to $ 30.7 million. As of June 2020, Affirm had $ 1.1 billion in debt.

POSHMARK, OATLEY, PETCO LEAD IPO 2021 DOCKET

In addition to Levchin, Affirm’s largest investors include Peter Thiel’s Founders Fund, venture capital firms Khosla Ventures and Lightspeed Venture Funds and the Canadian e-commerce firm Shopify Inc.

Morgan Stanley, Goldman Sachs and Allen & Co are the leading insurers for Affirm’s offerings.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

(Reporting by Joshua Franklin in Miami and Chibuike Oguh in New York; Additional reporting by Maria Ponnezhath; Editing by Chris Reese, Christopher Cushing and Sherry Jacob-Phillips)


Source link