One of the most exciting enterprise design startups around, Figma, announced today that it has filed its intent to IPO. The company expects to issue more than 36 million shares of Class A stock. They expect to price those shares between $25 and $28 apiece. This step represents a key moment for Figma as it prepares to go public and aims to raise about $1 billion from the IPO.
Dylan Field and Evan Wallace started Figma in 2012. The company became one of the fastest growing startups in history with its easy to use design platform. The firm has now gone on to raise more than $740 million in venture capital since its founding. It has drawn big name investors such as Andreessen Horowitz, General Catalyst, and Sequoia.
The IPO offering is structured to include both primary and secondary shares. At the proposed range’s midpoint pricing, Figma will have a fully diluted market cap of approximately $15.9 billion. Such a move would go a long way toward improving the company’s balance sheet. This might seem like a big deal. It’s still short of the $20 billion acquisition offer Adobe initially proposed in September of 2022. Still, it’s a boost from Figma’s most recent private valuation of $12.5 billion.
Dylan Field’s energetic demonstration of the company’s creative potential on stage at TechCrunch Disrupt last month reflected that ambition. That wonderful event was in San Francisco on October 20, 2022. His deep dive into the growth trajectory for Figma was highly lauded by attendees and industry experts alike. Above all, they recognized its tremendous potential positive impact on the design industry.
Investors and market analysts alike are watching Figma’s IPO process unfold with keen interest. For the Seattle-based startup, the move into the public market is an important company milestone. It symbolizes a profound moment for the broader tech ecosystem.
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