Home equity loan company Figure is aiming for a $4.13 billion valuation in its initial public offering. The New York City-based fintech and its selling shareholders are aiming to raise as much as $526 million, with $429 million going to the company and $97 million to existing shareholders, according to a new filing with the U.S. Securities and Exchange Commission on Tuesday morning.The company announced in early August that it had confidentiality filed for an IPO, becoming the latest fintech firm to launch its roadshow and plan a foray into public markets.

Figure will trade on Nasdaq under the symbol “FIGR”. According to the filing, the company plans to issue 21.46 million shares, with existing shareholders selling another 4.85 million, at a price that is expected to be between $18 and $20 per share. Goldman Sachs, Jefferies and BofA Securities are the lead underwriters on the deal.

Figure was cofounded in 2018 by Mike Cagney, the former CEO and cofounder of personal finance tech company SoFi, based in San Francisco. Michael Tannenbaum joined Figure as CEO in 2024, after serving as chief operating officer of corporate credit card startup Brex.

Figure offers a marketplace for home equity loan originators to sell those loans on the blockchain. It also makes some home equity loans, as well as some crypto-backed loans, itself. For 2024, it reported net income of $20 million on net revenue of $341 million, compared with a net loss of $52 million and net revenue of $210 million in 2023. Last month, Figure reported net earnings of $29 million for the six months ending June 30, compared with a net loss of $13 million in the same period a year earlier.

Over the seven years since its founding, Figure says its platform has been used to fund $17 billion in home equity loans to hundreds of thousands of homeowners across 49 states. The firm uses blockchain technology to track ownership, verify transactions and update registration for the loans. It was last valued at $3.2 billion in a 2021 venture-backed funding round.