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Investing.com -- Financial technology company Chime raised $864 million in its initial public offering after pricing shares at $27 each, above its marketed range of $24 to $26 per share.
The IPO values Chime at approximately $11.6 billion on a fully diluted basis, marking one of the largest public offerings by a U.S. financial technology firm in recent years.
Chime is scheduled to begin trading on the Nasdaq Global Select Market on Thursday under the ticker symbol ’NASDAQ:CHYM’.
The company’s public debut follows a period when fintech valuations reset from highs reached during the coronavirus pandemic, which had driven substantial investments into financial technology and e-commerce companies.
Founded in 2012 by former Visa Inc (NYSE:V) executive Chris Britt and Comcast Corp (NASDAQ:CMCSA) alumnus Ryan King, Chime provides financial services through partnerships with traditional brick-and-mortar banks. Its product lineup includes branded checking accounts with consumer-friendly features such as fee-free overdrafts.
The current valuation represents a significant decrease from the $25 billion valuation Chime achieved during its last major funding round in 2021. The company’s investor base includes DST Global, led by Yuri Milner, private equity firm General Atlantic, and investment firm ICONIQ.
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