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The San Francisco based company said in a filing Tuesday that it planned to sell 24.6m shares for $33 to $38 each. At the top of that price range, Affirm would have a market value of $9.22b based on the outstanding shares listed in its filing. Including employee stock options and restricted share units, Affirm would have a valuation of more than $11b.
Home exercise company Peloton Interactive Inc. was by far Affirm’s most important merchant partner, accounting for 30% of its total revenue in the third quarter. Its top 10 merchants including Peloton produced about 37% of Affirm’s revenue during the period, creating the risk its business could be adversely affected by the loss of any of those partners, according to the filing.
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