Figma, a collaborative design and product development platform, announced the official pricing of its initial public offering on Wednesday, July 30. The company, founded in 2012, listed about 37 million shares of its Class A common stock priced at $33 per share. Starting July 31, it began trading on the New York Stock Exchange under the ticker symbol “FIG.” By the closing bell that same day, the stock began selling above $177 a share, up 250 percent from where the company originally priced its IPO.
Figma is the largest venture-backed IPO by market capitalization for a U.S. tech company since EV manufacturer Rivian’s 2021 market debut. Its offering price implies a market capitalization of about $19.8 billion, according to reporting by the Wall Street Journal, an amount that well exceeds the company’s private valuation. The high valuation levels of 2021 were followed by a substantial slowdown on the venture funding scene. This has since made it difficult for many large companies to clear the private valuations they had in that year.
Figma’s AI-powered platform enables users to prompt, code and design digital products and experiences. Its solution also offers a variety of templates for website pages, social media posts, mobile apps, web ads, presentations and more, as well as collaborative products like FigJam and Dev Mode.
As the company continues pursuing its mission of helping individuals and teams make their ideas a digital reality, Figma plans to further its investments in AI to keep evolving its design workflows, according to the company’s co-founder, Dylan Field. Figma’s decision to go public after 13 years in the private sector coincides with a decades-long vision for continued growth and innovation.
“Some of the obvious benefits [to going public] such as good corporate hygiene, brand awareness, liquidity, stronger currency and access to capital markets apply,” Field wrote in a company letter. “More importantly, I like the idea of our community sharing in the ownership of Figma—and the best way to accomplish this is through public markets.”
