Figma's much-anticipated IPO: All you need to know
Empower your mind, elevate your skills
Cloud-based designer platform Figma has publicly disclosed the prospectus of its much- anticipated initial public offering (IPO) in the US. The company had filed its papers confidentially in April.The issue will be one of the most high-profile listings this year, suggesting that anxieties stemming from US tariffs are calming down.The IPO comes over a year after Figma's $20 billion deal to be acquired by Adobe was shelved by regulators.Here's all you need to know about Figma and its public offering.Figma specialises in collaborative interface design, enabling teams to work together in real time on design projects, much like Google Docs.Valued at around $12.5 billion, the company has expanded its offerings beyond design to include tools for website creation, AI programming, branded marketing, and digital illustration.Headquartered in San Francisco, Figma was founded by Dylan Field and Evan Wallace in 2012. Duolingo, Mercado Libre, Netflix, Pentagram Design, ServiceNow, and Stripe are among its major global customers. Indian brands Zomato Swiggy , Cred and Groww also use its platform. Field had told ET last November that Figma is keen on tapping India's vast pool of designers and product developers to better support its customers. He had said around 85% of Figma's weekly active users are from outside the US, and a substantial number are from India.'There is a real revenue opportunity in India. It is a myth that you cannot monetise India,' Field had said then, adding that as Figma spends more time in India, it will be able to find areas to improve its services there.In 2022, Photoshop maker Adobe announced plans to acquire Figma for $20 billion. However, last year, the two companies jointly declared the termination of the deal following scrutiny from UK and EU regulators on antitrust issues. Adobe was obligated to pay Figma a reverse termination fee of $1 billion in cash.In the aftermath of the Adobe deal fallout, Figma worked on strengthening its books. In the first three months of 2025, it reported $228.2 million in revenue, compared with $156.2 million a year earlier, and its net income jumped threefold to $44.9 million.In 2024, it had generated $749 million in revenue, a 48% increase from 2023.The company was profitable in 2023 but reported a large net loss of $732 million in 2024, because of a one-time expense related to issuing 10.5 million stock options to employees. Profit returned in the fourth quarter of 2024, and continued this year.Figma has raised around $750 million in funding so far from investors such as Sequoia Capital and Andreessen Horowitz.The company plans to list on the New York Stock Exchange (NYSE) under the ticker symbol "FIG".Lead banks for the IPO include Morgan Stanley, Goldman Sachs, Allen & Co, and JP Morgan.The company said it will use the IPO proceeds to fund growth initiatives, double down on AI investments, and repay debt.
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Mint
42 minutes ago
- Mint
India makes a push for cheaper foreign loans in yen, rupee
India is pressing multilateral development banks (MDBs) to lend more in Japanese yen and Indian rupees in an attempt to reduce borrowing costs and manage exchange rate risks more effectively, two officials aware of the matter said. New Delhi has steadily expanded loans and official development assistance (ODA) in yen to gain from ultra-low interest rates and the rupee's appreciation against the Japanese currency. Many of these loans finance infrastructure and development projects. 'Yen rates remain close to zero, and with the rupee having appreciated significantly against the yen since early 2023, yen borrowings, including through Samurai bonds, have emerged as a compelling option," one of the two officials cited above said, requesting anonymity. Samurai bonds are yen-denominated bonds issued in Japan by foreign entities to raise money. The development assumes significance since MDBs such as the World Bank, Asian Development Bank (ADB) and the International Monetary Fund (IMF) play a central role in global finance, especially in developing economies. These institutions lend in dollar as well as other reserve currencies. ADB, which mainly lends in dollars, has also issued rupee bonds. The Asian Infrastructure Investment Bank (AIIB) too lends in yen, euro and rupees. The yen is part of IMF's special drawing rights (SDR) basket of currencies, and can be used depending on borrower preference and availability. India is pushing for loans in yen, the second official confirmed, adding "These loans and ODAs are not free, and we pay interest on them. A lot has changed now with India's rise at the global high table, and we are in a better position to negotiate our terms and conditions with the MDBs," said the second person. 'Also, given our past record, India also happens to be very attractive for these lending institutions as well, given our repayment history and the credit profile. We will follow the strategy which is in our best interest," the person added. An ADB spokesperson said the bank has received a handful of requests from India for yen-denominated loans in the last two years, with three such agreements signed in 2023 and 2024. These include the Delhi-Meerut RRTS Tranche 3 (2023), the Nagpur Metro Urban Mobility Project (2024) and the Amaravati Capital City Development Programme (2024). The ADB spokesperson pointed out that despite the rising interest in yen loans, 20 out of 22 sovereign loans signed by ADB in India in 2024 were in dollars. 'ADB's advice to borrowers is to choose the most financially advantageous termsbased on needs and risk exposure of the project and the borrower's overall external debt portfolio," the spokesperson added. Queries emailed to the spokespersons of India's finance ministry, World Bank, AIIB, IMF and Exim Bank remained unanswered. 'India is expected to expand its yen exposure further as part of a calibrated shift to longer-tenure, lower-cost financing to mitigate exchange rate risks. It will also explore greater use of the domestic currency. However, the dollar will remain dominant in the medium term, given its role as the principal global reserve currency," the official cited earlier said. According to the Reserve Bank of India (RBI) data, yen-denominated liabilities rose to 6.2% of India's total external debt at the end of March 2025, up from 5.8% a year earlier. In absolute terms, this equals $45.6 billion out of the total $736.3 billion in external debt at the end of FY25. India's total external debt rose 10% in FY25. The US dollar still dominated India's external borrowings, accounting for 54.2%, followed by the Indian rupee (31.1%), yen (6.2%), SDR (4.6%), and the euro (3.2%). While the appeal of yen financing is clear, economists caution that since India lacks a deep forex market for the yen, most conversions still happen through cross-rates with the dollar or euro rather than direct market-determined rates, adding layers of complexity. 'Rupee-denominated loans are preferable from a stability standpoint. As for yen borrowings, unless a more efficient and transparent yen market develops, the advantages remain limited. In many cases, dollar- or SDR-denominated loans might still be more practical," said Bhanumurthy N.R., director of the Madras School of Economics. India's yen borrowing strategy is gaining traction across both bilateral and multilateral channels. In FY24 alone, India signed yen loan agreements with the Japan International Cooperation Agency (JICA) worth over ¥276 billion (around ₹15,600 crore), funding metro rail, logistics, and renewable energy projects. In FY25, JICA followed up with six ODA agreements worth ¥191.7 billion ( ₹11,181 crore) to support urban transport, water infrastructure, environmental protection, and livelihood programmes, including Delhi Metro Phase IV, Chennai's desalination plant, biodiversity projects in Punjab, and an aquaculture initiative in Assam. A separate ¥84.3 billion loan for Mumbai Metro Line 3 took the year's total to ¥276 billion ( ₹15,655 crore). 'India's push to secure more yen- and rupee-denominated loans from MDBs reflects a prudent effort to lower external borrowing costs while reducing exposure to the volatility of major foreign currencies like the US dollar," said Venkatakrishnan Srinivasan, managing partner at Rockfort Fincap Llp, a financial advisory firm. 'From a bond market and risk perspective, rupee-denominated MDB funding is a strong fit. It eliminates currency mismatch, enhances debt predictability, and aligns well with India's broader strategy of deepening its local currency bond ecosystem. Yen-denominated loans, though historically low-cost, now come with added complexity due to heightened forex volatility and an uncertain interest rate trajectory in Japan," he added.
Time of India
an hour ago
- Time of India
FM Nirmala Sitharaman calls for Global South unity to tackle uncertainties
Nirmala Sitharaman (File photo) NEW DELHI: Finance minister Nirmala Sitharaman on Friday stressed the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics. She was speaking at the annual meeting of Board Governors of the New Development Bank (NDB) in Rio De Janeiro, Brazil on 'Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South'. Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics. "In response to these challenges, our collective action must be decisive, inclusive, and forward-looking," she said. The New Development Bank (NDB) has been established by BRICS nations. She noted that MDBs play a pivotal role in complementing our efforts in tackling these uncertainties. "MDBs have a distinctive comparative advantage in their ability to catalyse both public and private investments by offering a package of technical expertise, concessional financing, and effective risk mitigation tools thereby widening our policy options," she said. Sitharaman added that NDB has emerged as a key partner-channelising development finance, supporting resilient infrastructure, and fostering meaningful cooperation across the Global South through a pragmatic approach. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Kolhapuri chappal gets leg-up over ‘copying' by Italian brand
Mumbai: A public interest litigation filed in Bombay high court seeks reliefs against Italian luxury fashion label Prada after it showcased open-toe leather sandals at the recent Milan Fashion Week that are "deceptively similar" to the Kolhapuri chappal. "The Kolhapuri chappal is the cultural symbol of Maharashtra and has special public sentiments attached to it. The act of copying and misrepresenting this craft in international markets effectively amounts to depriving local artisans of rightful recognition and credit for their work, who have preserved and practised this traditional art form for nearly 800 years," states the PIL filed by six advocates led by Ganesh Hingmire, an intellectual property rights expert. According to their petition, Kolhapuri chappal is protected with a geographical indication (GI). On June 22, Prada held its Spring/Summer 2026 Men's collection unveiling toe ring sandals "reportedly priced at over Rs 1 lakh per pair". There was no mention that it was Indian-inspired design. "The infringement of the design of the Kolhapuri chappal by a luxurious fashion label is without the knowledge or consent of the GI application holder or the authorised users," it adds. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai While Prada "privately accepted" its collection is "inspired by Indian artisans", this acknowledgement surfaced after widespread backlash on social media. This acknowledgement was not given to the "makers of Kolhapuri chappals, GI Registry, the govt or public at large". Prada has not issued a formal apology, and the statement appears to be a "merely superficial attempt to deflect criticism". The petition said misuse causes "dilution of the GI identity, erodes its distinctiveness and unjustly enriches the foreign brand, depriving the artisans of the right economic and reputational benefits". The PIL says: "The handicraft is the result of countless hours of meticulous labour by artisans." Thus, Prada's "unauthorised profit-oriented motive displaying sandals deceptively close to Kolhapuri chappal and inscribing the word 'PRADA' on the footwear directly undermines the livelihood and dignity of the traditional artisans and authorised users of GI". The petitioners lament that the artisan community is not financially equipped to initiate civil proceedings, does not receive adequate support from govt bodies, and lacks awareness of their community rights, leaving them vulnerable. They want "strong, decisive measures to address these violations and set an exemplary legal precedent that deters future acts of cultural misappropriation". They have prayed for restraint and a permanent injunction on Prada from "commercialising the use of so-called toe ring sandals, which is originally a GI-tagged product, Kolhapuri chappal", to direct Prada to issue a widely circulated public apology and pay compensation to artisans for "reputational and economic damages." The PIL will be heard in due course.
