Figma Inc. is making a high-stakes return to center stage. After its $20 billion acquisition deal with Adobe (ADBE, Financial) collapsed last year under regulatory pressure, the collaborative design platform is now heading for a public debut. In a fresh SEC filing, Figma laid out plans to raise up to $1.03 billion in its U.S. IPO, with a valuation that could reach $13.6 billion. The offering includes 12.47 million new shares priced between $25 and $28, while existing shareholders are offloading another 24.46 million. If priced at the top of the range, it could mark one of the biggest tech IPOs of the year.
Figma lands in a market that's cautiously waking up. April's tariff shock briefly knocked the wind out of IPO activity, but momentum is building again. Recent filings from Circle Internet Group, CoreWeave, NIQ Global Intelligence, and McGraw Hill suggest investor appetite is resurfacing—particularly in the software and AI-adjacent space. Figma now has the chance to ride that wave. Its public debut will be a key litmus test not just for design startups, but for the broader tech sector's ability to find fresh capital after a year of stifled listings.
Meanwhile, Adobe, which paid a $1 billion breakup fee to walk away from the Figma acquisition, hasn't had an easy year. The stock is down 18% in 2024, with investors jittery about the intensifying battle in AI-driven creative tools. In contrast, the broader software ETF index is up around 11% year-to-date. The deal's underwriters—Morgan Stanley, Goldman Sachs, Allen & Co., and JPMorgan—are now tasked with helping Figma navigate a fragile but warming market. Trading is expected to begin on the NYSE under the ticker symbol FIG.
