Affirm Holdings, Inc. (AFRM) stock opened at $90.90 on Wednesday following its listing on Nasdaq. Several factors contributed to the decision to price its IPO at $ 49 per share, exceeding the previously raised range of $ 41 to $ 44 per share. The company was able to raise $ 1.2 billion through the IPO.
Based in San Francisco, Affirm developed a platform for providing loans for online shoppers, which it calls a next-generation platform for digital and mobile e-commerce. It was founded by Max Levchin, who was also a co-founder of PayPal (PYPL). Levchin is the single largest shareholder of the company.
On November 18, 2020, an announcement was made that Affirm Holdings has filed an application with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of shares of its Class A common stock.
On January 13, 2021, the shares under the symbol AFRM began trading on the Nasdaq Global Select Market, and the offering is expected to close on January 15, 2021. The company has given the underwriters the right to purchase an additional 3,690,000 shares of Class A common stock, less underwriting discounts, and commissions, until the expiration of the 30-day option granted to them by Affirm Holdings, Inc.
