Figma Sets Up to $16.4B IPO Valuation

Figma, the collaborative cloud-based design software company, has launched its IPO roadshow with plans to raise up to $1.03 billion by selling nearly 37 million shares at $25–$28 each, targeting a valuation between $13.6 billion and $16.4 billion including restricted stock units and options. While this is below the $20 billion Adobe offered in a failed 2022 acquisition blocked by regulators, it exceeds Figma's last private valuation of $12.5 billion. A substantial portion of shares will be sold by existing investors, and CEO Dylan Field is selling over 2 million shares but will retain 74% of voting control via supervoting Class B shares. Figma’s design platform is used by 95% of the Fortune 500, and its latest Q2 results show up to $250 million in revenue with 39–41% year-over-year growth. The IPO is seen as a significant event amid a resurgence of tech public offerings. Leading underwriters include Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan.