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3w ago

Chime Financial to Seek $11 Billion Valuation in Nasdaq Debut

Chime Financial will offer 32 million shares at $24–$26 each on June 12, reflecting a valuation more than 50 percent below its 2021 peak.

Chris Britt is cofounder and CEO of Chime.
The Chime logo is seen on a smartphone placed on U.S. dollars banknotes in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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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.