Chime Financial Inc. and some of its shareholders are seeking to raise as much as $832 million from an initial public offering, which could give the San Francisco-based fintech a fully diluted valuation of as much as roughly $11 billion, a significant drop from its peak valuation in 2021.

The company plans to market 32 million shares, including 6.1 million shares from selling shareholders, for $24 to $26 each, according to its filing Monday with the US Securities and Exchange Commission. At the top of that range, Chime would have a market value of $9.47 billion based on the outstanding shares listed in the filing.

The fully diluted value, which also accounts for employee stock options and restricted stock units, compares with Chime’s $25 billion valuation when it raised $750 million in a 2021 funding round.

Chime reported net income of $12.9 million on revenue of $518.7 million for the three months ended March 31, 2025, compared with net income of $15.9 million on revenue of $392 million a year earlier, according to the filing.

The potential contrast with Chime’s earlier valuation reflects the new reality for companies that raised funds at eye-watering figures in the peak pandemic years. Instacart and ServiceTitan Inc. are among the companies whose IPO pricings valued them below levels achieved in funding rounds in 2021. Both firms’ shares have risen by more than 50% since their debuts.

Chime’s investors include affiliates of DST Global, Crosslink Capital, Len Blavatnik’s Access Industries, General Atlantic, Menlo Ventures, Cathay Innovation and Iconiq, the filing shows. After the IPO, Chime co-founders Christopher Britt and Ryan King will continue to hold the majority of shareholder voting power.

The company’s marketing includes a deal with the NBA’s Dallas Mavericks for its logo to appear on the team’s jerseys.

Chime, which first filed confidentially in December last year, providers users with checking and high-yield savings accounts via an app, though it doesn’t operate as a bank itself. Chime instead relies on banking services provided by Bancorp Bank and Stride Bank, it said in the filing.

Unlike traditional banks that rely heavily on the net interest margin between customer deposits and lending, Chime makes most of its revenue from interchange fees on its branded debit and credit cards, according to the filing.

The company had 8.6 million active users as of March 31, 82% more than it had three years earlier, according to the filing. During the year ended March 31, Chime handled $121 billion in transactions.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co., while 11 other banks are also working on the offering, according to the filing. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol CHYM.