Figma aims at $13.7 billion valuation as tech IPOs bounce back
The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in check.However, an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle, which debuted with eye-popping gains last month and has continued surging since.As a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media discussion.The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed.Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces.Its customers include ServiceNow, Workday and SAP. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold."Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures.The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational."
Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering.
Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt
Paid less than plumbers? The real story of freshers' salaries at Infy, TCS.
What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR?
As deposit ground slips under PSU banks' feet, they chase the wealthy
If data is the new oil, are data centres the smokestacks of the digital age?
Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy?
Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish
Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27%
Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
TMB eyes home advantage in Thoothukudi's investment wave; to tap MSMEs
Tamilnad Mercantile Bank (TMB) has said that, as a local bank, it is betting big on tapping more salary accounts and the micro, small, and medium enterprises (MSME) segment lending opportunities, as Thoothukudi is witnessing a boom in investments to the tune of over Rs 1 trillion, driven by global majors like Vietnam's electric vehicle maker VinFast and Singapore's Sembcorp. The Thoothukudi-based bank has maintained its business growth outlook of 14 per cent for the current financial year, owing to its growth initiatives in the last year, including technology upgrades. The bank said that its focus area will be the Retail, Agriculture, and MSME (RAM) segment, as it accounts for 93 per cent of its total advances. Including VinFast and Sembcorp, Thoothukudi is expected to witness investments to the tune of Rs 1 trillion in the next few years. The bank's strategy is to attract salary business, in addition to developing a strong footprint in the supplier ecosystem of large players, which mainly includes MSMEs. "Action in Thoothukudi is something that we will certainly try and leverage to our benefit as the hometown bank in Thoothukudi. Not just salary accounts. We are also looking to re-establish our footprint in the MSME area. That is where I see a lot of potential for CASA," said Salee S Nair, managing director and chief executive officer of TMB. He added that the bank has increased its engagement with Thoothukudi port too and has also been enrolled in the National Logistics Portal recently. Nair said that during the second half of the financial year, the bank will start reaping benefits from initiatives like establishing MSME hubs, expanding its branch network, and improving technology, among others. After Nair took charge in August 2024, the bank roped in global consultancy firm McKinsey to develop its MSME strategy, mainly to bring in innovative solutions and improved lending capabilities. Its transformation initiatives also include the revamping of CRM systems, upgrading internet banking, and giving more focus to the gold loans portfolio. 'We expect the second half of the current fiscal to show the impact of all our initiatives. We may see over 10 per cent growth in deposits and 15 per cent growth in advances,' he said. The bank posted its highest-ever quarterly net profit of Rs 304.9 crore during the first quarter of the financial year 2025-26, up 6 per cent from Rs 287.3 crore during the April to June quarter of the last financial year. "We will look at corporates seriously after we put in place a system, both in terms of skill set and technology improvement," he added. At present, the corporate segment contributes to around 7 per cent of its advances. The bank's gross non-performing assets (NPA) improved by 22 basis points to 1.22 per cent from 1.44 per cent. Its net NPA also decreased to 0.33 per cent from 0.65 per cent, improving by 32 basis points during the first quarter of FY26. TMB's deposits increased to Rs 53,803 crore during the period, from Rs 49,188 crore last year. The advance level also increased to Rs 45,120 crore with a growth rate of 10.44 per cent on a year-on-year basis. The bank said that an increase of 4.5 per cent in CASA during the quarter is a positive sign. Nair mentioned that the bank is putting a lot of effort into improving its CASA. This includes appointing relationship managers to attract more current accounts and setting up an elite services group in Q1 to ensure personalised end-to-end service in select branches for high-value customers.
&w=3840&q=100)
Business Standard
17 minutes ago
- Business Standard
Tech curbs? Not today: Trump courts China with chip diplomacy
Donald Trump paused planned curbs on Nvidia's H20 chip exports to China, prioritising trade ties and a Xi Jinping summit despite warnings from security experts and ex-officials New Delhi US President Donald Trump has reportedly paused new technology export restrictions on China in an effort to preserve ongoing trade negotiations and secure a meeting with Chinese President Xi Jinping. The move, which reportedly followed lobbying from chipmaker Nvidia, has drawn sharp criticism from national security experts who say it risks aiding China's military AI capabilities. What's the latest According to a Financial Times report, Trump's administration has directed the US Commerce Department's Bureau of Industry and Security (BIS) to hold back on introducing tougher export controls on China in recent months. A key turning point came when Nvidia CEO Jensen Huang personally lobbied against a planned ban on the H20 chip, designed for the Chinese market. The administration reversed course, fearing Chinese retaliation and disruption to trade talks. In May, China imposed its first-ever restrictions on exports of rare earths and magnets, intensifying concerns in Washington about economic retaliation. What it matters Critics argue the freeze on export controls undermines America's national security and technological edge, the news report said. A group of 20 security experts and former officials are set to send a letter to Commerce Secretary Howard Lutnick, warning against allowing H20 exports. 'This move represents a strategic mis-step that endangers the United States' economic and military edge in artificial intelligence,' the letter reads. The advocacy group Americans for Responsible Innovation helped coordinate the effort. The group believes that the H20 chip could significantly accelerate China's military capabilities by outperforming the more restricted H100 chip in "inference", the execution phase of AI tasks. James Mulvenon, an expert on China's military, said the issue extends beyond one chip or company. 'These decisions will determine which political system, which values, will ultimately control the most powerful technology in the history of the world,' he said, as quoted by the news report. Pushback from Nvidia Nvidia defended its position, calling the criticism 'misguided' and inconsistent with Trump's AI action plan, which emphasises US leadership in global AI exports. The company said that the H20 'will not enhance anyone's military capabilities, but will help America win the support of developers worldwide". Delays and internal frustration
Economic Times
17 minutes ago
- Economic Times
UltraTech lines up Rs 10,000 cr capex for FY26 to bolster capacity
Cement maker UltraTech, which expects around 7 per cent growth in FY26, has allocated up to Rs 10,000 crore as capex to bolster its capacity as well as energy and efficiency initiatives, according to the company's latest annual report. The Aditya Birla group firm recently acquired South-based India Cements and the cement business of Kesoram Industries, and added 26.3 MTPA of grey cement capacity to its portfolio. It has planned an organic capacity addition of 28.8 MTPA by FY27. UltraTech, which crossed the Rs 75,000 crore revenue mark in FY25 and is now very close to 200 MTPA (million tonnes per annum) capacity, anticipate a reduction in "net debt to EBITDA ratio", helped by a higher volume growth and improving margins. "Although our net debt to EBITDA (pre-tax profit) ratio rose to 1.33x in March 2025, we anticipate higher volume growth and an improving EBITDA profile to reduce this rapidly," its Managing Director K C Jhanwar said while addressing the shareholders. Like other cement makers, UltraTech also faced a lowered sales realisation amidst tepid demand conditions last year, which marginally declined its EBITDA (earnings before interest, taxes, depreciation and amortisation) compared with FY24. The cement demand has reached approximately 435 million tonnes in India, and with tailwinds such as continued government focus on infrastructure development, affordable housing, and urbanisation is expected to bolster the demand further, the company said. Moreover, the government in its Union Budget allocated Rs 11.21 lakh crore for the infrastructure sector, providing further tailwind to demand for cement. "While cement demand moderated to 4-5 per cent in FY 2024-25 owing to a temporary slowdown in government infrastructure spending and a prolonged monsoon, it is likely to rebound to 6-7 per cent in FY 2025-26," Jhanwar added. He further said UltraTech added 42.6 MTPA of consolidated grey cement capacity through organic and inorganic growth in FY25, taking total capacity to 188.8 MTPA. As of June 30, 2025, the company's consolidated capacity has reached 192.26 MTPA and is accelerating its journey towards the 200 MTPA capacity milestone, he added. On scaling up the capacity, Jhanwar said, besides acquisitions of India Cements and Kesoram Industries, the company has added 16.3 MTPA through organic expansions, which accounted for 55 per cent of India's total cement sector expansion in FY25, reinforcing its industry-leading position. On India Cements and Kesoram, he said the two entities have significantly strengthened our footprint in the attractive South India market. "We are unlocking further value through energy and efficiency initiatives. For instance, at the erstwhile Kesoram units, we are expanding green energy capacity by 107 MW to enhance operational efficiencies," he said. For India Cement, which achieved EBITDA break-even in the March 2025 quarter after efficiency improvements, UltraTech said "a capex plan is being made for investments over the next two years for improvement in all areas of operations to bring these assets at par with UltraTech standards". UltraTech is facing competition from Adani group firm Ambuja Cements, which is also adding capacity through acquisitions and pacing up organic capacity addition at existing units. It has crossed 100 MTPA capacity in FY25 in a record time, mainly through acquisitions, and now aims to reach 118 MTPA by FY2026 and 140 MTPA by FY2028. Adani Group, which jumped into the Cement sector in September 2022 after acquiring controlling stakes in Ambuja Cement from Swiss firm Holcim for cash proceeds of USD 6.4 billion (about Rs 51,000 crore), owns ACC Ltd. Later, it acquired small companies such as Hyderabad-based Penna Cement, Saurastra-based Sanghi Industries and Orient Cement from the CK Birla group.
