US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.</li>
<li>Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.</li>
<li>Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.</li>
</ul>



FT Intermediate (FIGR US) went public on 11 September on Nasdaq and has since surged by ~60%, resulting in a company valuation of ~$8.5bn.
Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
Inclusion in Global indices is expected in February and March 2026, with a slight risk that the float cap may fall short of the threshold, resulting in exclusion.


Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.</li>
<li>According to our sources, the deal was considered multiple-times oversubscribed -- north of 25-times oversubscribed. </li>
<li>With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.</li>
</ul>


Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.
According to our sources, the deal was considered multiple-times oversubscribed -- north of 25-times oversubscribed. 
With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.


Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.</li>
<li>A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.</li>
<li>The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.</li>
</ul>



FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.


Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

<ul>
<li>Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.</li>
<li>Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.</li>
<li>Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.</li>
</ul>


Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.
Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.


Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

<ul>
<li>The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.</li>
<li>For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.</li>
<li>They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.</li>
</ul>


The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.


FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform

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FT Intermediate (FIGR US)

Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

FIGR is on track for inclusion in US indices in December 2025, Global indices in early 2026, and an upweight in June 2026 following the lock-up...

Dimitris Ioannidis

Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

IPO Boutique

FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform

Proprietary tech company in lending and trading sector files for IPO, generating significant revenue and leading the way in blockchain...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Figure Technologies (FIGR US): Inclusion in Global & US Indices for Blockchain Company

FIGR is on track for inclusion in US indices in December 2025, Global indices in early 2026, and an upweight in June 2026 following the lock-up...

Dimitris Ioannidis

Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open

​Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street's Attention

​FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

IPO Boutique

Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

​Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

IPO Boutique

FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform

​Proprietary tech company in lending and trading sector files for IPO, generating significant revenue and leading the way in blockchain...

IPO Boutique

Figure Technology Solutions priced IPO shares at $25, oversubscribed 25 times, near-term trading appeal but likely to consolidate in low-to-mid...

FT Intermediate (FIGR US) to debut on Sept 11, offering 26.3 million shares at $18-$20. The company has shown strong growth in its adjusted Ebitda...

Figure Solutions is set to debut on September 11th, offering 26.3 million shares at $18-$20, with a $50 million anchor order on the cover of the...

Proprietary tech company in lending and trading sector files for IPO, generating significant revenue and leading the way in blockchain...