Dylan Field, co-founder and CEO of Figma, appears on the Bloomberg Technology Summit in San Francisco on 9 May 2024.
David Paul Morris | Bloomberg | Getty images
Figma, the developer of design software that had to be taken over by Adobe, cost his IPO for $ 33 per share on Wednesday above the expected range.
The shares of the company debut on the New York Stock Exchange under the Ticker symbol “Fig” on Thursday. The offer raised $ 1.2 billion, with the most revenues going to existing shareholders.
Figma wants to benefit from a public market that has been slowly reopened for technical IPOs. Stablecoin -mittent Circle and artificial intelligence -infrastructure provider CoreWeave have risen since their debut earlier this year, while other companies, including online banking company Edgeand health equipment companies Hinge health And Omada Health have also brought it to the market.
Figma appreciates the offer at $ 19.3 billion. The company had agreed to be taken over by Climb For $ 20 billion, but that deal fell apart in 2023 after objections from regulators. Adobe paid Figma a termination costs of $ 1 billion.
On Monday, Figma said that the expected price range was $ 30 to $ 32 per share.
Figma was founded in 2012 by CEO Dylan Field and Evan Wallace. The company is located in San Francisco, with offices in France, Germany, Japan, Singapore and the UK
Figma said in his updated prospectus that the turnover for the quarter ending in June increased to between $ 247 million and $ 250 million from $ 177.2 million a year earlier, which represents a 40% growth in the middle of the range. With regard to profit, the expected range goes for the quarter of an operational loss of a maximum of $ 500,000 to a $ 2.5 million business profit, Figma said. Compared to a loss of $ 894.3 million a year earlier, mainly due to costs related to shares -based compensation.
For the quarter of March, sales increased by 46% to $ 228.2 million and the net result tripled to $ 44.9 million.
Field is the largest investor in the company, with 56.6 million shares prior to the offer, together with a voting check for another 26.7 million shares. Index Ventures is the leading institutional stakeholder, with 65.9 million shares, or 17 % of the outstanding shares for the IPO. Greylock is second at 16%, followed by smaller Perkins at 14%and Sequoia Capital with 8.7%.
All top investors sell part of their interest in the IPO.
WATCH: Jim Cramer breaks down Figma for his IPO
