Shares of lending startup Affirm Holdings, founded by PayPal’s co-founder Max Levchin, soared in their debut on Wednesday, giving the company a market capitalization of over $22 billion.
Affirm’s shares opened at $90.90 on the Nasdaq, 85.5 percent higher than their upwardly revised initial public offering (IPO) price of $49 apiece. The firm has raised $1.2 billion in its IPO.
The company had targeted a price range of $41 to $44 per share on Monday, to sell around 24.6 million shares in its IPO.
Affirm’s debut underscores a strong week for US IPOs, with at least eight companies slated to price their IPOs this week, looking to raise more than $5 billion in total. It is expected to be the biggest week for listings in more than five years. Read more…..
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CNBC’s Steve Liesman on today’s commentary from Fed governors. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and James McDonald.
