At long last, digital consumer bank Chime has moved forward with its IPO by filing its S-1 paperwork Tuesday. Chime had reportedly filed confidential S-1 paperwork back in December.
S-1 filings typically reveal all kinds of information, covering financial, legal, and other risk factors. But Chime’s S-1 documents still have a lot of blank spaces. We don’t know how many shares it hopes to sell or at what price. Chime could be aiming to raise $1 billion, IPO specialist Renaissance Capital believes.
Digital banking startup Chime has officially filed for its long-anticipated U.S. initial public offering (IPO), aiming to list on the Nasdaq under the ticker symbol “CHYM”. The company, valued at $25 billion during its last funding round in 2021, has raised a total of $2.65 billion from private investors, including notable firms such as SoftBank Investment Advisers, General Atlantic, and Tiger Global Management.
In its IPO filing, Chime reported a significant 31% increase in revenue for 2024, rising to $1.67 billion from $1.28 billion the previous year. The company’s net loss also narrowed substantially, dropping to $25 million from $203 million in 2023.
A notable disclosure in the filing was Chime’s $33 million sponsorship deal with the Dallas Mavericks, spanning from 2022 to 2024. This partnership included the Chime logo appearing on the team’s jerseys and other marketing benefits.
Chime’s decision to proceed with the IPO comes amid a broader market recovery, driven by progress in trade negotiations and easing tariffs. The company has enlisted major investment banks Morgan Stanley, Goldman Sachs, and J.P. Morgan to lead the underwriting syndicate for the offering.
