Design software company Figma has filed for an IPO on the New York Stock Exchange under the ticker "FIG". This move comes after a failed acquisition by Adobe due to regulatory issues, which resulted in Figma receiving a $1 billion termination fee. The IPO is highly anticipated given Figma's rapid growth and high valuation in the private market.
In the first quarter, Figma reported a 46% increase in revenue, reaching $228.2 million, with net profits rising to $44.9 million. The company's growth is attributed to a strong customer base, with over 13 million monthly active users, only a third of whom are designers. Notably, 85% of these users are from outside the U.S., although 53% of revenue comes from international markets.
Figma's client list includes major companies such as Duolingo, Mercado Libre, Netflix, and Stripe. The IPO is expected to provide significant returns for venture capital firms like Index Ventures, Greylock, and Sequoia, who are among the largest shareholders.
With $1.54 billion in cash and securities, Figma aims to pursue aggressive expansion through acquisitions and investments, as stated by CEO Dylan Field.
