It’s reported that the initial public offering (IPO) prices are well above the $ 1.2 billion raising target

After a delay, Averm Payments Technology Co., Ltd. is about to collect the money.

Company, This allows people to buy goods and pay over time, At $ 49 a share late Tuesday, according to reports from Bloomberg News And the Reuters. That price is $ 5 a share more than the top of the proposed range, and it would raise at least $ 1.2 billion and give the company an initial market capitalization of $ 11.9 billion, based on AFREM Securities and Exchange deposits.

AFRM confirmation,
And the
Founded jointly with PayPal Holdings Inc, Max Levchin, co-founder of PYPL, allows customers to pay for online purchases over time. The company makes money on the merchant end of the transaction when consumers use one of its Affirm Premium Products, the most lucrative of which offers a “0% APR” option that allows consumers to make purchases over time without incurring any interest. The company also has a “simple interest” loan option that charges consumers a fee to pay up front.

Executives expected Affirm to go public at the end of 2020 but ended up delaying the IPO after a huge number of first-day pops emerged among so-called unicorns, such as Airbnb Inc. ABNB,
+ 8.55%
And DoorDash Inc. DASH,
+ 14.96%.

For more: After a year of impressive pandemic displays, these tech companies expect to continue

Affirm generated $ 509.5 million in revenue during the most recent fiscal year, which ended in June, up from $ 264.4 million in the previous year. The company recorded a net loss of $ 112.6 million, compared to a loss of $ 120.5 million in the same period last year.

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Among the brands that use Affirm for installment payment options is Peloton Interactive Inc. PTON. The connected exercise equipment maker captured nearly 28% of Affirm’s revenue in its most recent fiscal year.

See also: Five things to know about Affirm as it goes public

Affirm is one of a number of players in the Buy Now and Pay later space. Competitors include Afterpay Ltd. APT,
-1.42%And the
Which trade in Australia; Klarna, who has received support from Visa Inc. V,
; And Uplift, which has focused on the online travel market.

Affirm is now expected to begin trading on Wednesday on the Nasdaq with the ticker symbol “AFRM.” In the Saudi Electricity Company filings, the company said it would seek to sell 24.6 million shares, and insurers – led by Morgan Stanley, Goldman Sachs and Allen & Co – could reach a total of an additional 3.7 million shares.

Affirm’s initial public offering comes in the form of an ETF IPO in Renaissance,
+ 3.37%
Gained 22% over the past three months, and as the S&P 500 SPX,
+ 0.04%
It rose 7.6% over that period.

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