Design software company Figma on Monday released an updated prospectus for its initial public offering.
The company plans to sell approximately 37 million shares priced between $25 and $28 each, potentially raising up to $1 billion in proceeds from the company and selling shareholders.
This IPO could value Figma, led by co-founder Dylan Field, at a fully diluted valuation ranging from $14.6 billion to $16.4 billion. Field intends to sell 2.35 million shares, which could fetch as much as $65.8 million.
In 2024, investors valued Figma at $12.5 billion in a tender offer. Previously, in 2022, Adobe had agreed to acquire Figma for $20 billion, but the deal was abandoned following regulatory objections.
The flow of tech companies going public on U.S. exchanges has slowed since late 2021, as inflation concerns and recession fears have made investors wary of backing fast-growing but money-losing firms. However, recent months have seen several tech IPOs, including CoreWeave in March, and Circle and Chime in June.
Figma filed to go public on July 1, announcing it will trade on the New York Stock Exchange under the ticker “FIG.”
On Monday, the company provided preliminary second-quarter results, projecting $9 million to $12 million in operating income on $247 million to $250 million in revenue. This suggests year-over-year revenue growth of 39% to 41%, slightly down from over 46% growth in the first quarter.
During Q2, Figma gained new clients and expanded business with existing ones. Operating margin is expected to rise to 4% to 5%, up from 3% in the same quarter last year, based on preliminary figures.
Figma has authorized the issuance of “blockchain common stock” in the form of “blockchain-based tokens,” though it currently has no plans to issue such stock. In July, the company disclosed investments in a stablecoin and a Bitcoin exchange-traded fund.
Notably, Mike Krieger, Instagram co-founder and now chief product officer at AI model developer Anthropic, has joined Figma’s board. Luis von Ahn, co-founder and CEO of Duolingo, is also joining the board, according to the filing.
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