The company raised about $700 million in the IPO, including $165 million from the sale of shares by existing investors. The stock will start trading today with the stock code CHYM.
This offering comes after many years of freezing the IPO fintech market, when interest rates increased and the valuation process caused many companies in the final stage to stay on the sidelines. As the market expanded, eToro increased 29% in its launch on Nasdaq last month. shortly after, Circle hit the market last week.
Chimes listing, despite being priced $25 billion lower than its recent private investment, marks an important experiment in investor demand for consumer-oriented financial institutions. Investors such as softBank, Tiger Global and Sequoia have all invested in Chime as the company leads the private market.
According to CNBC, the company's leading shareholders, DST Global and Crosslink Capital, owned 17% and 9.5% of the shares respectively before the company was offered for sale.
Chime's core business activities include providing free banking services, debit cards and early salary access. The revenue is largely from exchange fees.
