Figma set to soar after above-target IPO
Design software firm Figma FIG.N set to soar in NYSE debut on Thurs after blockbuster IPO surpasses expectations
FIG shares recently indicated to open between $65-$70 vs $33 IPO price
San Francisco, California-based startup and existing investors sold 36.9 mln shares above an already upwardly revised range of $30-$32 for $1.2 bln raise
Co had originally targeted $25-$28 price range
The U.S. IPO market has rebounded this year after tariff-driven volatility briefly froze new listings in Apr, and as major indexes climb to record highs
At the $33 figure, Figma secured a valuation of about $19.3 bln, just shy of the $20 bln it was set to fetch in a scrapped buyout deal with industry giant Adobe ADBE.O in 2023
Post IPO, CEO and co-founder Dylan Field will continue to control Figma with 74.1% of the voting power through his holdings of Class B shares that have 15 votes each, the filings show
Venture capital firms Index, Greylock, Kleiner Perkins and Sequoia are among Figma's largest shareholders
Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan leading 9-firm underwriting group for the IPO
