Figma (FIG) files for IPO as tech debuts gain steam

Design Software Company Figma filed He plans to trade for a public offering on Tuesday and under the “Fig” symbol on the New York Stock Exchange.

Considering the growth rate of Figma and high private market valuation, the proposal will be one of the public offers that have been hot in recent years. At the end of 2023, a purchasing agreement of 20 billion dollars Adobe In the UK, Adobe was scrapped due to regulatory concerns that led to a $ 1 billion termination fee for Figma.

According to Figma’s prospectus, income in the first quarter increased from $ 156.2 million to $ 228.2 million in the same period a year ago. The company recorded a net revenue of $ 44.9 million compared to $ 13.5 million compared to the previous year.

As of March 31, Figma had about 450,000 customers. Of these, 1,031 contributes to an annual income of at least $ 100,000 per year and an increase of 47% compared to the previous year. Customers DuolingoMercado Libre, NetflixPentagram, Servicenow And the lane.

Figma did not say how many shares he plans to sell in the public offering. The company was worth 12.5 billion dollars in a tender proposal last year and announced in April that he had applied a public offering with SEC.

Wall Street Banks, Donald Trump won the US presidential elections in November, after a dry spell until the end of 2021, after inflation and increased interest rates pushed investors from risky assets. While President Trump announced in April to announce sweep tariffs and delay a series of companies, the event was late.

Stablecoin exporter Apartment It doubled at the beginning of June and has increased by more than six times the public offering price for a market value of almost $ 43 billion. Online banking company Chime also released in June. Hingge Health’s Public offering in May. Artificial infrastructure provider Sunflower seedOpened to the public in March, increased by 46% in June and has doubled since its offer.

Buy now, then the UK -based companies applied to a public offering in March and Ticket Marketplace Stubhub.

Figma was founded in 2012 by CEO Dylan Field, 33 and Evan Wallace and located in San Francisco. The company had 1,646 employees as of March 31.

Before he founded Figma, Field spent more than two years at the University of Brown, where he met Wallace. Field then received a Thiel scholarship to “maintain entrepreneurial projects” according to the file. The two -year program, founded by Peter Thiel, the founding fund partner, gives young entrepreneurs a grant of $ 200,000 with the support of founders and investors. Online description.

Field is the largest individual owner of Figma with 51.1% of 56.6 million B class stocks and voting power in front of IPO. In a letter to investors, Figma said that it was time to expel the tendency of many surprising companies that remain in particular indefinitely.

Databricks, SpaceX and Streipe are still special.

“Some of the obvious benefits such as good corporate hygiene, brand awareness, liquidity, more powerful money and access to capital markets are valid.” “More importantly, I love the idea of ​​our community sharing in Figma’s property – and the best way to achieve this is public markets.”

The public offering will also mark a very needed win for Silicon Valley initiative companies that need a return after multi -year collapse. According to the file, Index Ventures is the largest external shareholder with 17% shares before the bid. Greylock has 16%, Kleiner Perkins 14%and Sequoia has 8.7%.

Figma said that he was facing “intense competition” and that the loss of market share would “adversely affect our business”, but did not call it a specific competitor.

According to the file, more than 13 million people use figma per month, and only one -third of them is designer. Approximately 85% of monthly users were outside the United States as of March 31, but 53% of the income came from outside the country.

In March, the company announced figma sites, a tool that transforms designs into working websites. It is one of the few new products that remove the company from common service to prepare application and website designs.

At the end of March, Figma had $ 1.54 billion cash, cash equivalent and marketable securities.

As a public company, Field said that investors should “expect us to receive large oscillations,” including purchases. In April, Figma purchased and purchased the assets and team of an anonymous technology company for $ 14 million for $ 14 million and bought an anonymous company with content management system software.

Using cash, the figma also started investing in digital currencies. In 2024, Figma’s board allowed a fund of Bitcoin stock exchange to an investment of $ 55 million. According to the file, as of March 31, the Holding was worth $ 69.5 million. In May, the Board approved an investment of $ 30 million to Bitcoin and spent the figma money for a stablecoin USD mine.

Morgan Stanley And Goldman Sachs Allen and Co. They lead the agreement with and JPMorgan Chase.

Correction: A previous version of this story had the wrong stock market in the title.

– Ari Levy and Jonathan Vanian of CNBC contributed to this report.

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