New York-based Figure Technologies and its investors sold 31.5 million shares at $25 each in an initial public offering (IPO), equating to $787.5 million and above the raised price range of $20 to $22.

The IPO valued the company at $5.29 billion. Figure originally was targeting a valuation of up to $4.13 billion in its IPO.

As of 1:25 pm ET, MarketWatch reported that the stock FIGR was up 31.45%.

Its Class A common stock began trading on the Nasdaq Global Select Market on Thursday under the ticker “FIGR.” The offering is expected to close the following day, pending customary closing conditions.

Figure announced the launch of its IPO earlier this month, which offered 26.3 million shares of Class A common stock in a bid to raise $526 million.

In an interview with HousingWire before the company began trading, Figure’s Chief Capital Officer, Todd Stevens, called the move a “natural evolution.”

“Our goal is to bring more efficiency to the capital markets through marketplace structure. We’ve validated that with what we’re doing with HELOCs. We’ve done over $17 billion in originations and have had over 200,000 borrowers and 170 partners. So we’ve built a really strong nest, and what we want to do is move into other products,” Stevens said.

Figure faced previous challenges in going public during the Biden administration, which Stevens said made them more prepared to undergo an IPO in a crypto-friendly administration.

“We think there’s an $185 billion revenue opportunity across consumer tokenization and stable coins, and if we can grab even a small fraction of that, then we’re going to be a very valuable company,” he said. “We’re currently doing a fair bit in HELOCs and we have a DSCR product. We also do a crypto-backed lending product. So it’s safe to say we’ll stay kind of around the mortgage ecosystem on one end, and then we’ll continue to evolve in digital lending products and crypto-backed lending.”

Goldman Sachs, Jefferies and BofA Securities are serving as joint lead bookrunners for the offering. Societe Generale, Keefe, Bruyette & Woods, Mizuho and Stifel are also acting as bookrunners, while Texas Capital Securities, Needham & Co., Piper Sandler, FT Partners, KKR and Roberts & Ryan are co-managers for the proposed offering.

BofA Securities shared in a deal overview that Figure’s debut marked the largest “file-to-offer” premium since GitLab’s 2021 IPO. The offering included a $50 million cornerstone investment from Duquesne, Stanley Druckenmiller’s family office, and was upsized by 20% amid strong demand from institutional investors.

Co-founded in 2018 by Mike Cagney, Figure uses blockchain to connect lenders and borrowers for consumer lending, trading and digital asset investments. The company said it can fund home equity loans in 10 days, compared with the industry average of 42 days.

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