Figma, the design software company once set to be acquired by Adobe, priced its initial public offering (IPO) at $33 per share—which was $1 above the top of its anticipated range.
The company will begin trading on the New York Stock Exchange under the ticker symbol “FIG” on Thursday. The offering raised $1.2 billion, with the majority of proceeds going to existing shareholders.
Figma is tapping into a gradually reopening tech IPO market. Earlier this year, companies like stablecoin issuer Circle and AI infrastructure provider CoreWeave saw strong debuts, while others such as online bank Chime and health-tech firms Hinge Health and Omada Health also entered the public markets.
The IPO values Figma at approximately $19.3 billion. The company had previously agreed to a $20 billion acquisition by Adobe, but the deal collapsed in 2023 due to regulatory challenges. Adobe subsequently paid Figma a $1 billion termination fee.
Figma had initially targeted a price range of $30 to $32 per share.
Founded in 2012 by CEO Dylan Field and Evan Wallace, Figma is headquartered in San Francisco with offices across France, Germany, Japan, Singapore, and the U.K.
In its updated prospectus, Figma reported revenue for the quarter ending June between $247 million and $250 million—up roughly 40% from $177.2 million the previous year. Operating profit for the quarter is expected to range from a slight loss of $500,000 to a profit of $2.5 million, compared to a $894.3 million loss the year before, mainly driven by stock-based compensation costs.
For the March quarter, revenue increased 46% to $228.2 million, with net income tripling to $44.9 million.
CEO Dylan Field is Figma’s largest investor, holding 56.6 million shares and controlling voting rights over an additional 26.7 million. Leading institutional investors include Index Ventures with 65.9 million shares (17% of shares outstanding pre-IPO), Greylock at 16%, Kleiner Perkins at 14%, and Sequoia Capital at 8.7%.
All top investors are selling a portion of their holdings in the IPO.
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