Figure Lending LLC’s Leap towards Public Trading: Submission of IPO Draft Registration Statement

Figure Technology Solutions moves closer to becoming a publicly traded company

Figure Technology Solutions, the parent company of Figure Lending LLC, has taken a step towards becoming a public company by submitting a draft registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering. The company filed a Form S-1, a standard filing used by companies planning to go public to register their securities. Although specific details such as the number of shares offered and price range were not disclosed, this move marks progress in the company’s journey towards becoming publicly traded.

The possibility of going public was first 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 was valued between $2 billion and $3 billion and was expected to go public in the first half of 2024. According to HousingWire, Figure Lending LLC has been operating under FTS independently of CEO Mike Cagney’s Figure Technologies in preparation for the public offering.

Despite setbacks such as abandoning a deal with a special purpose acquisition company (SPAC) called Figure Acquisitions Corp., due to financial reasons and regulatory delays causing the merger with Homebridge Financial Services to fall through, 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.

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