Design software company Figma (FIG, Financial) has filed for an initial public offering (IPO), potentially marking one of the largest IPOs this year. Based in San Francisco, Figma plans to go public soon, although specific details about the IPO size and timing remain undisclosed. In the first quarter, Figma reported a net profit of $44.9 million on revenue of $228 million, up from last year's $13.5 million profit and $156 million revenue. However, for the fiscal year ending December 31, the company recorded a net loss of $732 million due to increased operational expenses.
This IPO suggests some companies are advancing their public listing plans amid a strong U.S. stock market, offering significant returns. Figma had previously filed confidentially for an IPO in April. The company, known for its design and collaboration software, had 13 million monthly active users. It had agreed to a $20 billion acquisition by Adobe (ADBE) in 2022, but the deal was canceled after regulatory scrutiny.
Investors in Figma include Coatue Management, Alkeon Capital Management, and General Catalyst Partners, with a valuation of $12.5 billion. Major shareholders are Index Ventures, Greylock Partners, Kleiner Perkins, and Sequoia Capital. CEO Dylan Field will maintain control with super-voting shares and aims for long-term growth by meeting evolving designer needs. The IPO is led by Morgan Stanley, Goldman Sachs, Allen & Co., and JPMorgan, with plans to list on the NYSE under the ticker FIG.
