Overview
- Chime Financial launched its IPO roadshow on June 2 and will begin trading on Nasdaq on June 12 with 32 million shares priced at $24–$26 each, potentially raising up to $832 million.
- The offering sets Chime’s fully diluted valuation at about $11 billion, more than a 50 percent drop from its $25 billion valuation in 2021.
- As of March 31, the neobank served 8.6 million active members—two-thirds of whom rely on Chime as their primary bank.
- Cofounder and CEO Chris Britt will retain 39 percent of the voting power after the IPO and Ryan King will hold roughly 35.5 percent.
- Morgan Stanley, Goldman Sachs and JPMorgan lead a 14-bank underwriting group and VC firm Cathay Innovation plans to sell 3.75 million shares in the deal.