Affirm Almost Doubles in Debut After $1.2 Billion IPO (2)

Affirm Holdings Inc. almost doubled in its public market debut, the latest multibillion-dollar technology company to start trading significantly higher than its initial public offering price.

Shares of the San Francisco-based company, which provides installment loans to online shoppers, closed up 98% to $97.24 in New York trading after rising as much as 110% earlier Wednesday. The company sold 24.6 million shares at $49 each in Tuesday’s IPO to raise $1.2 billion, pricing the stock above a range that had already been increased.

Max Levchin

Photographer: David Paul Morris/Bloomberg

Affirm closed Wednesday with a market value of more than $23 billion. The company has a ...