Chime's IPO: A Fintech Bellwether on Nasdaq

Chime will make its Nasdaq debut with a $864 million IPO, potentially signaling a revival for fintech IPOs. Chime sold 32 million shares at $27, valuing it at $11.6 billion, after being valued at $25 billion in 2021. Its success may encourage other fintechs to fast-track IPOs.

Chime, a leading digital bank, is set to debut on the Nasdaq after raising $864 million through its initial public offering. As investors eagerly anticipate this listing, there is growing curiosity about whether Chime will sustain the recent trend of strong first-day gains for new tech stocks.

By pricing 32 million shares at $27 apiece, Chime's IPO will value the company at $11.6 billion, marking a significant drop from its previous valuation of $25 billion in 2021. The company's performance may serve as an indicator for other fintech firms eyeing IPOs amid a cooling of valuations post-pandemic.

With backing from prominent investors such as Yuri Milner's DST Global and investment firms General Atlantic and ICONIQ, Chime has rapidly grown by offering modern financial services. With tailored features for younger users and underserved consumers, Chime's mobile-first model has positioned it as an attractive alternative to traditional banks.

(With inputs from agencies.)