Figure Technology Solutions, a blockchain-native lending company led by SoFi co-founder Mike Cagney, announced the pricing of its initial public offering (IPO) on Wednesday evening: issuing 31,500,000 shares of Class A common stock.

The company priced the offering at $25 per share — higher than the $20 to $22 per share range disclosed earlier in the day in its S-1 filing with the U.S. Securities and Exchange Commission (SEC).

At the announced price, Figure plans to raise $787.5 million in its IPO (previously estimated at $693 million), valuing the company at approximately $5.3 billion (previously $4.7 billion). Upon completion of the offering, approximately 211.7 million shares of Class A and Class B common stock will be outstanding, excluding the underwriters' overallotment option.

The offering consists of 23,506,605 shares of Class A common stock issued by Figure and 7,993,395 shares of Class A common stock sold by certain existing shareholders. This is an adjustment from the figures in the previous filing, which were 26,645,296 and 4,854,704 shares, respectively, indicating a change in the offering structure. Figure will not receive any proceeds from the shares sold by existing shareholders. (Theblock)