Design software company Figma more than triples share price in NYSE debut
The big opening pop is the latest indication that the tech IPO market has reopened following a multiyear lull that began in early 2022, when inflation was soaring and interest rates were on the rise. So far this year, online bank Chime, stablecoin issuer Circle and artificial intelligence infrastructure provider CoreWeave have hit the market, along with health-tech companies Hinge Health and Omada Health.
Figma's first trade at $85 valued the company at about $50 billion. The stock, trading under ticker symbol FIG, was halted after it soared past $112, before closing at $115.50 for a 250% gain. The company ended the day with a market cap of almost $68 billion.
In 2022, Adobe agreed to acquire Figma for $20 billion, but the deal fell apart in 2023 after U.K. regulators said the tie-up would likely harm competition. Led by 33-year-old CEO Dylan Field, Figma makes web-based software that allows people to collaborate on slide decks, digital whiteboards and designs for apps and websites.
Field told CNBC's 'Squawk Box' on Thursday that regardless of what happens with the market debut, the company has to 'stay focused, stay on mission, listen to our customers and really keep our priorities in mind.'
'The most important thing to remind myself of, the team of, is share price is a moment in time,' said Field, whose stake in the company is worth over $6 billion based on Thursday's closing price. 'We're going to see all sorts of behavior probably today, over the weeks ahead.'
Figma boasts more than 13 million monthly users, two-thirds of whom are not designers. As of March 31, more than 1,000 clients were paying Figma upward of $100,000 annually, according to the prospectus. Google, Microsoft, Netflix and Uber are all customers.
In its filing of preliminary results for the second quarter, Figma said it generated $9 million to $12 million in operating income on $247 million to $250 million in revenue, with sales growing about 40% year over year.
Last week, Figma said in a filing that it would price shares at $25 to $28 each. On Monday it issued another update, calling for a range between $30 and $32, before ultimately pricing $1 above that range.
The offering raised $1.2 billion, with most of the proceeds going to existing shareholders, including venture capital firms Greylock Partners, Index Ventures, Kleiner Perkins and Sequoia Capital.
Founded in 2012 and based in San Francisco, Figma ranked 45th on CNBC's 2025 Disruptor 50 list of private companies.
Lynn Martin, president of the NYSE, told CNBC's 'Squawk on the Street' on Thursday that plenty more deals should be on the way.
'I think given that Figma did so well with their pricing last night, and there is so much demand that has persisted still in the order book this morning for this company, I think this will open the floodgates,' Martin said.
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