Figma co-founder and CEO Dylan Field appeared at the Bloomberg Technology Summit in San Francisco on May 9, 2024.
David Paul Morris | Bloomberg | Getty Images
Figma, the developer of Design Software, which was supposed to be acquired by Adobe, priced the IPO at $33 per share on Wednesday.
The company’s shares will debut on the New York Stock Exchange on Thursday under the ticker symbol “Ficus.” The offer raised $1.2 billion, with most of the proceeds going to existing shareholders.
Figma aims to take advantage of the open market that has slowly resumed for its Tech IPO. Stablecoin Publisher Round and artificial intelligence infrastructure providers coreweave Since debuting earlier this year, other companies have skyrocketed, including online banking companies. chimeand health technology companies Hinge Health and Omada Health It is also available in the market.
The offerings are treasured by a figma of $19.3 billion. The company agreed to be acquired Adobe At $20 billion, the deal collapsed in 2023 with objections from regulators. Adobe paid Figma a $1 billion cancellation fee.
On Monday, Figma said the expected price range is between $30 and $32 per share.
Figma was founded in 2012 by CEOs Dylan Field and Evan Wallace. The company is based in San Francisco and has offices in France, Germany, Japan, Singapore and the UK
In its updated prospectus, Figma said revenue for the quarter ended in June rose from $247 million to $250 million from $177.2 million the previous year, representing 40% growth in the middle of the range. As far as profits go, the quarterly forecast ranges from operating losses up to $500,000 to operating profit of $2.5 million, Figma said. This was compared to a loss of $894.3 million in the previous year, mainly due to expenses related to stock-based compensation.
Revenue for the March quarter increased 46% to $228.2 million, while net profit tripled to $44.9 million.
Field is the company’s biggest investor, with 56.6 million shares ahead of its offering and an additional 26.7 million shares voted. Index Ventures is a stakeholder of a major institution that has 65.9 million shares or 17% of the outstanding shares prior to the IPO. Greylock ranks second with 16%, followed by Kleiner Perkins with 14% and Sequoia Capital with 8.7%.
All top investors sell a portion of their IPO interests.
Watch: Jim Kramer breaks down figma prior to IPO
