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Affirm skyrockets 110% in first day of trading after $1.2 billion IPO

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Affirm soared as much as 110% on Wednesday after the company’s shares began trading hands publicly for the first time.
The loan provider raised $1.2 billion in its initial public offering, selling 24.6 million shares for $49 each.
Affirm’s leap extends the trend of massive investor demand for IPOs. The craze emerged in December after Airbnb and DoorDash surged in their market debuts.
Affirm trades under the ticker “AFRM” on the Nasdaq exchange.
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Affirm spiked as much as 110% on Wednesday after the loan provider’s public-market debut.
The company’s shares started trading publicly at around 12:20 p.m. ET and quickly surged above its offering price of $49. Affirm raised $1.2 billion by selling 24.6 million shares in its initial public offering. The offering price had already been lifted twice, first from a range of $33 to $38 and then from a range of $41 to $44.
The post-IPO leap gives Affirm a market cap of nearly $24 billion based on shares sold in the offering. More than 15.5 million shares had traded hands by 1 p.m. ET. The company trades under the ticker “AFRM” on the Nasdaq exchange.
Affirm’s debut marks the first major US IPO of the year and mirrors in-demand offerings seen at the end of 2020. Airbnb and DoorDash surged 112% and 86% in their respective first days of trading last month. The post-IPO pops lead some to question whether demand for first offerings was overextended and irrational. Last year saw IPOs raise a record amount of capital, with Wall Street’s “blank-check” company frenzy providing a sizable boost. 
Read more: Why Roblox’s jilted underwriters could still see a payday after the gaming startup abruptly switched plans from an IPO to direct listingipo m
The Wednesday rally shows promise for a slew of upcoming IPOs. Pet supply store Petco, secondhand-goods marketplace Poshmark, and game developer Playtika Holdings are all poised to offer shares later this year.
Affirm was founded by PayPal co-founder Max Levchin in 2012 and raised about $1.5 billion on the private market before its IPO, according to Crunchbase data. The company’s revenue was up 98% in September 2020 from the year-ago period, according to a recent filing.
Peloton’s growth played a major role in Affirm’s success throughout the pandemic, as the exercise equipment manufacturer counts for 30% of the lending company’s revenue.
Affirm traded 104% higher, at $100.01, at 1:12 p.m. ET on Wednesday.
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