Design software developer Figma has priced its initial public offering (IPO) at $33 U.S. per share, above the range expected on Wall Street.
The company’s stock debuts today (July 31) on the New York Stock Exchange (NYSE) under the ticker symbol “FIG.”
The IPO raised $1.2 billion U.S. for the company and values Figma at $19.3 billion U.S.
Figma is the latest in a series of technology companies that has held an IPO this year, taking advantage of strong demand for new issuance among investors.
So far this year, stablecoin issuer Circle (CRCL) and artificial intelligence (A.I.) infrastructure provider CoreWeave (CRWV) have staged successful IPOs.
Figma’s share sale comes after the company agreed to be acquired by Adobe (ADBE) for $20 billion U.S. and then saw the deal fall apart in 2023 due to regulatory issues.
Management at Figma had priced the IPO in a range of $30 U.S. to $32 U.S. per share but raised the final price to $33 U.S. due to strong investor demand.
Founded in 2012, Figma is based in San Francisco, with offices in France, Germany, Japan, and the U.K.
The company reported revenue for this year’s second quarter of $247 million U.S., up from $177.2 U.S. million a year earlier, representing growth of about 40%.
Figma says it is on the cusp of profitability, reporting Q2 earnings in a range of an operating loss of $500,000 U.S. to an operating profit of $2.5 million U.S.
The company makes a cloud-based design tool primarily used for creative work such as graphic design. Its products allow designers to collaborate in real-time.
