• Fri. May 24th, 2024

Figure Technology Solutions Submits Draft IPO Registration Statement: Can the Growing Financial Services Provider Overcome Setbacks and Go Public?

BySamantha Nguyen

Mar 27, 2024
Figure Technology Solutions moves forward in the process of going public

Figure Technology Solutions (FTS), the parent company of Figure Lending LLC, has announced that it has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its equity securities. This filing is known as a Form S-1, which is used by companies planning to go public to register their securities. The company’s lending division, LendCo, was previously expected to go public in the first half of 2024, but details such as the number of shares to be offered and the price range have not yet been determined.

Rumors of a potential public offering started circulating in November when Figure hired Goldman Sachs Group Inc., JP Morgan Chase & Co., and Jefferies Financial Group Inc. to take its lending division, LendCo, public. However, this is not the first time Figure has planned to go public. Founded in 2018 by former SoFi head Mike Cagney, the company initially planned to merge with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp. However, the deal fell through due to higher interest rates and rising redemption rates, resulting in the delisting of the blank check company.

Despite these setbacks, Figure continues to push forward with its plans for going public. In recent years, it attempted to merge with Homebridge Financial Services in 2022 but regulatory delays prevented the transaction. The following year CMG acquired Homebridge’s retail assets. As of February 2024, Figure has originated over $8 billion in home equity lines of credit (HELOCs) and has served at least 100,000 households nationwide. These recent moves indicate that going public remains a top priority for this growing technology-driven financial services provider.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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