Software Company Figma To Hold IPO In New York
Design software company Figma has filed to hold an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company, last valued at $12.50 billion U.S., will trade under the ticker symbol “FIG.” An exact date for the IPO has not yet been announced. However, the share offering is expected to be highly anticipated given Figma’s growth rate and valuation. As of March 31, Figma reported having 450,000 customers, 1,031 of which contributed at least $100,000 U.S. a year in annual revenue. Current clients of Figma include Duolingo (DUOL), Mercado Libre (MELI), Netflix (NFLX), and ServiceNow (NOW), among many others in the technology space.Figma’s revenue in the first quarter increased 46% year-over-year to $228.2 million U.S. The company recorded net income of $44.9 million U.S., up from $13.5 million U.S. a year earlier.Over 13 million people use Figma per month, and only one-third of them are designers, according to the IPO filing. Figma had $1.54 billion U.S. in cash on hand at the end of March.Figma has also begun investing in digital currencies. In 2024, Figma’s board authorized a $55 million U.S. investment into a Bitcoin (BTC) exchange-traded fund (ETF).The company has not said how many shares it plans to sell in the upcoming IPO. In late 2023, a $20 billion U.S. takeover offer from Adobe (ADBE) was canceled due to regulatory concerns in the United Kingdom (U.K.). The canceled acquisition led Adobe to pay Figma a $1 billion U.S. termination fee.Figma is the latest in a series of sizable technology firms to go public this year. Stablecoin issuer Circle’s (CRCL) stock is up more than sixfold since its IPO in early June. Artificial infrastructure (A.I.) provider CoreWeave (CRWV) went public in March and its share price has quadrupled since its IPO. Buy now, pay later company Klarna and ticket marketplace StubHub have also announced plans to go public in coming months. Wall Street investment banks Morgan Stanley (MS) and Goldman Sachs (GS) are leading the Figma IPO.
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