Last week was a big one for public markets as there were multiple initial public offerings. More importantly, three Fintech IPOs were adding to the growing list of Fintechs that have made it to the public markets.
First up was Klarna (NYSE:KLAR), a European firm best known for its buy now pay later (BNPL) services, which has expanded into North America. Klarna priced its shares at $40, garnering a valuation of around $15 billion. Klarna has traded in a range since its float from 0.25 to $47.47. Today, Klarna is trading at around $46/share so about 15% above the IPO price.
Figure Technologies (NASDAQ:FIGR), a blockchain-focused platform that has big ambitions to expand beyond its lending genesis. Figure increased its offer price range significantly just before its public float from $18 to $20 a share, and finally $25 a share. It opened at $36 a share and closed its first day at $31.11. Currently, Figure is trading at over $40/share, or a whopping 60% higher than its IPO. Figure’s market cap is around $8.72 billion.
Finally, Gemini Space Station (NASDAQ:GEMI) listed its shares on the Nasdaq. The crypto exchange and digital infrastructure firm increased its offering range several times, eventually settling on $28/share. Gemini closed on its first day of trading at $31.11 and has since retreated further. Today, Gemini is trading around its IPO price. Gemini’s market cap is around $3.4 billion.
While a single day of trading can mean little, and volatility is the rule and not the exception for IPOs, for the moment, Figure is the winner for the week, topping both Klarna and laggard Gemini.
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