Monday, July 22, 2024

Online lender Affirm secures $ 12 billion valuation in IPO

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Affirm, which provides installment loans to online shoppers, set the price initial public offering above its range marketed at $ 49 per share according to people familiar with the matter.

He raised about $ 1.2 billion, the people said, asking not to be identified because the case is private.

A representative for Affirm, based in San Francisco, declined to comment.

Affirm, the first big list of American technologies this year, had previously increased its range this week from $ 33 to $ 38 each to $ 41 to $ 44 on Monday, filings with the US Securities and Exchange Commission showed. He had planned to sell 24.6 million shares.

It will be the first of several companies looking to list stocks this week after a hot year for 2020 IPOs led by Airbnb and DoorDash. The online marketplace for used luxury goods Poshmark, pet supply retailer Petco Animal Supplies, mobile game developer Playtika, and auto services and supplies company Driven Brands Holdings are all set to go public.

At $ 49 a share, Affirm is said to have a market capitalization of around $ 11.9 billion, based on the outstanding shares listed in its filing. Its fully diluted value could reach $ 15 billion, including options and restricted stock units.

Affirm was founded in 2012 by Max Levchin, who also co-founded PayPal funds. Levchin is the largest shareholder in the company, according to the documents filed. Other large owners include Jasmine Ventures, Khosla Ventures, Founders Fund, Lightspeed Venture Partners and Shopify.

Affirm postponed its IPO until December alongside game developer Roblox Inc., which ultimately decided to pursue a direct listing.

Morgan Stanley, Goldman Sachs Group Inc. and Allen & Co. led the IPO of Affirm. It plans to list on the Nasdaq Global Select Market under the symbol AFRM.

More to read absolutely technological coverage of Fortune:


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