Design software maker Figma extends gains after blockbuster NYSE trading debut
The San Francisco, California-based company's shares closed at $115.5 on Thursday, compared with its IPO price of $33. The 250% surge lifted Figma's market value to nearly $68 billion, far exceeding the $20-billion valuation in a now-scrapped buyout deal with Photoshop maker Adobe (ADBE.O), opens new tab.
Figma's $1.22-billion offering, the fourth-largest U.S. IPO of the year, is being seen as a potential catalyst for other startups eyeing a flotation after a three-year freeze in the tech listings market.
The deal's strong reception renewed hopes of a broader reopening of the pipeline, as private companies and investors look to capitalize on improving market conditions and strong demand for growth names.
Figma, which has highlighted its focus on AI, has also benefited from Wall Street's enthusiasm for the technology. The boom fueled a sharp rally in tech stocks over the past year and drove up valuations and investor demand for companies seen as central to the AI ecosystem.
"In order for application software companies to remain relevant and provide value to end users, they will need to implement GenAI capabilities which represents a potential catalyst for adoption and increased usage of Figma," D.A. Davidson analyst Gil Luria said in a note.
Founded in 2012 and led by CEO Dylan Field, Figma provides cloud-based collaborative design tools, with a roster of marquee clients including Google (GOOGL.O), opens new tab, Microsoft (MSFT.O), opens new tab, Netflix (NFLX.O), opens new tab and Uber (UBER.N), opens new tab.
Though the blockbuster performance is good news for the IPO market, particularly for high-growth tech listings, the sharp surge suggests Figma may have priced its IPO too conservatively, potentially leaving money on the table.
Bankers typically target a first-day rise of 10% to 20% to balance strong demand with optimal fundraising.
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