Blend Labs‘ life as a public company is off to a promising start.

Late last week, Blend sold 20 million shares of Class A stock at $18 apiece, raising $360 million. Shares closed trading at $20.90, giving Blend a valuation of around $4.6 billion. Blend CEO Nima Ghamsari will control 100% of Class B shares, giving him complete control of the firm.

The independent public offering comes following a banner year for the mortgage industry, in which Blend still lost $75 million on revenue of $96 million. It also lost $81 million on revenue details ⇒

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