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Confirm Holdings IPO prices in the US above the target range, increasing $ 1.2 billion



Affirm Holdings Inc, a U.S. provider of installment loans to online buyers, said Wednesday it had sold shares in its initial public offering (IPO) at a price of $ 49 in cash, above the target range to raise $ 1.2 billion. Dollars.

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

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

and $ 44 each. On Monday, the company increased its share offerings from $ 33 to $ 38 per share.

The IPO, the largest listing in the United States so far in 2021, signals that investors’ appetite for new shares remains strong after stellar 2020, which was the strongest IPO market in two decades.

Levchin founded Validation in 2012 to offer easily accessible financing, aimed primarily at young online shoppers who pay in monthly installments. The company generated revenue of $ 174 million for the three months ended September 2020, which is 98% more than the previous year. Net losses shrank to $ 15.3 million from $ 30.7 million. As of June 2020, Affirm has a debt of $ 1.1 billion.

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

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

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(Report by Joshua Franklin in Miami and Chibuike Oguh in New York; Additional report by Maria Ponegat; Edited by Chris Reese, Christopher Cushing and Sherry Jacob-Phillips)


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