Affirm's Nasdaq debut values GIC's stake at US$2.1b

SHARES of GIC-backed lender Affirm nearly doubled in value in its Nasdaq debut in the US on Wednesday, valuing the Singapore sovereign wealth fund's stake in the company at US$2.1 billion at the close of the trading day.

Through Jasmine Ventures, GIC holds 9.07 per cent of the equity in Affirm, making it the largest shareholder outside of the company's executive officers and directors. Founder Max Levchin, one of the co-founders of PayPal, has a 11.36 per cent stake based on the post-offering shares outstanding.

Affirm's shares ended its first day of trading at US$97.24 apiece, up 98.45 per cent from its initial public offering (IPO) price of US$49. Its shares climbed further on Thursday, when it opened at US$103.50.