Affirm Holdings Inc. shares jumped about 90 percent in midday trading Wednesday after the financial technology company went public.
Confirmed AFRM stocks
It opened at $ 90.90 on Wednesday after listing on the Nasdaq, with the first trading coming at 12:20 p.m. ET. Already raised $ 41 to $ 44 per share.
The company raised at least $ 1.2 billion from the offering. Underwriters had access to 3.7 million shares, surpassing the 24.6 million existing shares Affirm sold through the IPO.It was reported to have delayed its IPO from late last year due to a massive first-day stock movement for Airbnb Inc.
And DoorDash Inc. DASH
Confirmed taken by PayPal Holdings Inc. PYPL.
Co-founder Max Levchin offers a payment option that allows people to shop online with installments. The company earns merchants compensation when customers opt for the Affirm’s lending option. Interest-free includes “Easy Interest” loan products that are paid when the consumer ends the transaction.
Confirming IPO: 5 things to know about fintech companies shaking up credit online.
The company’s largest customer is Peloton Interactive Inc. PTON.
This accounted for approximately 28% of Affirm’s revenue for the most recent fiscal year that ended in June. Confirmed revenue of $ 509.5 million during the last fiscal year, up from $ 264.4 million a year earlier.The company posted a net loss of $ 112.6 million, compared with a loss of $ 120.5 million in the same period a year earlier.
“The pandemic has created a favorable environment as more value-minded buyers are looking for a seamless way to finance their purchases online,” MKM Partners analyst Rohit Kulkarni wrote in a pre-proposed note. Sell stocks to clients
Confirmed working with bank partners that resulted in many corporate loans.
This offering is an IPO of the Renaissance IPO.
It has earned 22% over the past three months and as a S&P 500 SPX.
An increase of 8.5% over the same period