Affirm (NASDAQ:AFRM) Stocks Soar 98% From IPO Price On Debut Day

  • January 14, 2021 04:03 AM EST
  • Kunal Sawhney
    CEO Kunal Sawhney
    2226 Posts

    Kunal Sawhney is founder & CEO at Kalkine and is a richly experienced and accomplished financial professional with a wealth of knowledge in the Australian Equities Market. Kunal obtained a Master of Business Administration degree from University of T...

Affirm (NASDAQ:AFRM) Stocks Soar 98% From IPO Price On Debut Day

Summary

  • Stocks of Affirm Holdings Inc (NASDAQ: AFRM, AFRM:US) catapulted by over 98 per cent to close at US$ 97.24 on its debut day.
  • The company reportedly sold about 24.6 million stocks for US$ 49 apiece at its IPO on Tuesday, raising over US$ 1.2 billion in gross proceeds.
  • It posted a total revenue of US$ 509.5 million in the fiscal year ending 30 June 2020, which is a surge of nearly 93 per cent YoY.

Billion-dollar fintech company Affirm Holdings Inc (NASDAQ: AFRM, AFRM:US) saw its debutant stocks almost double in value from their IPO price on their first day on the Nasdaq Stock Exchange on Wednesday, January 13.

Affirm’s stocks, priced at US$ 49 apiece for its initial public offering (IPO), opened trading at a substantially higher rate of US$ 90.9 on Wednesday, going on to record a high of US$ 103 during the day’s trading.

The shares catapulted by over 98 per cent to close at US$ 97.24 on its debut day.

Affirm Holdings Inc reportedly sold about 24.6 million stocks for US$ 49 apiece at its IPO on Tuesday, raising over US$ 1.2 billion in gross proceeds. The company currently posts a market value of about US$ 23.6 billion, as per the Nasdaq data.

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A Little More About Affirm Holdings Inc (NASDAQ: AFRM, AFRM:US)


Founded in 2012 by software engineer and PayPal co-founder Max Levchin, Affirm Holdings Inc is a digital and mobile-first commerce platform that offers payment solutions to its customers. The company is headquartered in San Francisco, California.

Affirm Holdings Inc reported a consumer base of over 6.2 million and a merchant network of more than 6,500 in its IPO SEC document filed in November last year. The report said that the company’s gross merchandise value (GMV) has climbed by 77 per cent year-over-year (YoY) to US$ 4.6 billion in fiscal year 2020.

The company posted a total revenue of US$ 509.5 million in the fiscal year ending 30 June 2020, as per its SEC filings, which is a surge of nearly 93 per cent YoY. Its total operating expenses also climbed by nearly 58 per cent YoY to an amount of US$ 617 million in FY20. Affirm Holdings also incurred an operating loss of US$ 107 million and a net loss of US$ 112 million in the latest fiscal year.

 

 

 


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