(Reuters) - Lending startup Affirm Holdings Inc is aiming for a valuation of more than $10 billion in its stock market launch after an upward revision in price range, signaling a busy initial public offering season for the U.S. capital markets.
Affirm, founded by PayPal Holdings Inc co-founder Max Levchin, plans to sell 24.6 million shares priced at between $41 and $44 each, raising as much as $1.08 billion from the sale, it said on Monday. bit.ly/2XvVei0
The company had earlier planned to price its shares, to be listed on Nasdaq under the ticker ‘AFRM’, between $33 and $38 each.
Levchin started Affirm in 2012 to give people without credit history or savings accounts access to small loans. The startup offers easy financing, for online purchases such as a couch or guitar, that can be paid back in monthly installments.
Affirm was valued short of $3 billion in its last private funding round, according to PitchBook.
The company’s major investors include Peter Thiel’s Founders Fund, Singaporean sovereign wealth fund GIC, Scottish asset manager Baillie Gifford, venture capital firm Spark Capital and Fidelity Management and Research Company LLC.
Morgan Stanley, Goldman Sachs and Allen & Co are the lead underwriters for Affirm’s offering.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli
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