Chime priced its IPO at $27 per share on Wednesday, above the expected range, in an offering that values the provider of online banking services at $11.6 billion
The company raised roughly $700 million in the IPO, with another $165 million worth of shares being sold by existing investors. The stock is expected to begin trading Thursday under ticker symbol CHYM.
The offering comes after a years-long freeze in the fintech IPO pipeline, as rising interest rates and valuation resets kept many late-stage companies on the sidelines. The market has started to loosen. Trading platform eToro jumped 29% in its Nasdaq debut last month, and crypto company Circle popped after hitting the market last week.
Chime’s decision to go public — even after a steep cut from its last private valuation of $25 billion — marks a major test of investor appetite for consumer-facing finance companies. SoftBank, Tiger Global, and Sequoia all invested in the 2021 round at Chime’s private market peak.
Source: CNBC
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