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…..
Chart of the Day
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.