Figure Technology Solutions, the parent company of Figure Lending LLC, made progress towards becoming a public company this week by submitting a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering. The move was hinted at 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.
LendCo, valued between $2 billion and $3 billion, was expected to go public in the first half of 2024. However, regulatory delays caused the deal to fall through last year. Despite these setbacks, Figure has managed to originate over $8 billion in home equity lines of credit (HELOCs) and serve over 100,000 households nationwide as of February 2024.
The proposed initial public offering is not yet finalized as specific details such as the number of shares offered and price range were not disclosed in the Form S-1 filing. The submission of the Form S-1 marks an important milestone for Figure as it paves the way for its eventual listing on Wall Street. If approved by regulatory authorities and investors, this would be a significant step forward for the company’s growth and expansion plans.
