Dylan Field, co-founder and CEO of Figma Inc., aft the greeting sessions astatine the Allen & Co. Media and Technology Conference successful Sun Valley, Idaho, connected July 11, 2024.
David Paul Morris | Bloomberg | Getty Images
Design bundle institution Figma connected Monday published an updated prospectus for its archetypal nationalist offering.
The institution said it expects to merchantability astir 37 cardinal shares astatine $25 to $28 each. That would make arsenic overmuch arsenic $1 cardinal successful proceeds, betwixt the institution and selling shareholders.
The IPO could worth Figma, led by co-founder Dylan Field, a afloat diluted valuation of $14.6 cardinal to $16.4 billion. Field plans to merchantability 2.35 cardinal shares, which could beryllium worthy arsenic overmuch arsenic $65.8 million.
In a 2024 tender offer, investors valued the institution astatine $12.5 billion. In 2022, Adobe had agreed to get Figma for $20 billion, but the woody was scrapped aft regulators objected.
The travel of exertion companies joining U.S. exchanges has slowed since precocious 2021. Concerns implicit ostentation and a recession made immoderate investors little funny successful backing fast-growing but money-losing companies.
But a fewer exertion stocks person go disposable successful caller months. CoreWeave went public successful March, and Circle and Chime shares started trading successful June.
Figma filed to spell nationalist on July 1, announcing plans to commercialized connected the New York Stock Exchange nether the awesome "FIG."
On Monday, it provided preliminary results for the 2nd quarter, showing $9.0 cardinal to $12.0 cardinal successful operating income connected $247 cardinal to $250 cardinal successful revenue. That would connote year-over-year gross maturation of 39% astatine the debased extremity and 41% astatine the precocious end. Growth successful the archetypal 4th exceeded 46%.
During the 2nd quarter, Figma added clients and expanded concern with existing ones. The company's operating borderline would beryllium ticking up to 4% to 5%, up from 3% successful the aforesaid 4th a twelvemonth ago, based connected the preliminary results.
Figma said it has authorized the issuance of "blockchain communal stock" successful the signifier of "blockchain-based tokens." So far, though, Figma said it isn't readying to contented this benignant of stock. In July, Figma disclosed investments successful a stablecoin and a Bitcoin exchange-traded fund.
Mike Krieger, a co-founder of Instagram who is present main merchandise serviceman of artificial intelligence exemplary developer Anthropic, has joined the board. Luis von Ahn, co-founder and CEO of Duolingo, is besides joining the board, according to the filing.
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