The writing was on the wall when Affirm (NASDAQ: AFRM) announced the terms of its public debut. While the company may not be a household name, it’s the brainchild of Max Levchin, one of the co-founders of payment processing kingpin PayPal (NASDAQ: PYPL). The online lender provides financing and installment loans for customers on e-commerce sites.
After initially planning to price its shares between $33 and $38, strong investor interest pushed that range higher to $41 to $44 per share. On the eve of its debut, Affirm priced its shares above the high end of the range at $49. Even that wasn’t enough to dampen investor enthusiasm.