Today shares of Affirm, a buy-now-pay-later unicorn, started trading above $90 per share, far above its $49 per-share IPO price, a figure that was already miles above the company’s early expectations.
The pop comes after Affirm raised its pricing range earlier this week, to $41 to $44 per share, up from an initial range of $33 to $38 per share. To see the company double from its raised price implies strong demand for its shares, a thin float, or both.
Affirm’s explosive debut comes on the heels of similarly-strong results from DoorDash, C3.ai, and Airbnb. Those companies’ debuts were so strong that Roblox delayed its IPO, later swapping a traditional IPO for a direct listing to get around the pricing issue.
Today’s IPO shows that