Chime Soars 59% in Nasdaq Debut, Reigniting FinTech IPO Hopes
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Chime Financial (CHYM.O) surged 59% on its Nasdaq debut, opening at $43 vs. its $27 IPO price, and closing near $39.90, giving the neobank a market cap of $ 18.4 billion.
The $864M IPO, one of the most anticipated FinTech listings, marks a return of investor enthusiasm, potentially signaling a reopening of the IPO window for long-delayed unicorns.
“A strong debut could trigger a domino effect,” said Kat Liu, VP at IPOX. “Chime could help reopen the IPO window for other high-growth firms.”
Backed by DST Global, General Atlantic, and ICONIQ, Chime was previously valued at $25B in 2021. Since its launch, it has raised $2.65 billion in private capital.
Chime’s appeal lies in its mobile-first, fee-free banking targeting the underbanked, users earning under $100K/year, Chime's group CEO Chris Britt says is still largely untapped: “We’re just scratching the surface... Our goal is to be the No. 1 primary account provider in this segment.”
The IPO, led by Morgan Stanley, Goldman Sachs, and J.P. Morgan, comes amid a cautiously warming market. With Circle and Voyager also enjoying strong IPOs, momentum is building, but global macro uncertainty still looms.
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NEWS
🇺🇸 Chime shares set to open 48% above offer price in Nasdaq debut. The stock was indicated to open at $40, compared with the IPO price of $27. The company, along with some of its investors, sold 32 million shares to raise $864 million. Continue reading
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