Two Trading Halts! Figma Soars 253% in IPO Debut

TradingKey - Collaborative design platform Figma (FIG.US) officially debuted on the New York Stock Exchange, opening 183.3% above its IPO price, with shares surging as much as 253% intraday. The stock briefly hit $116.38, pushing its market capitalization above $53 billion — making it one of the most anticipated tech IPOs of 2025.

The IPO pricing was revised upward twice, rising from an initial range of $25–$28 to a final price of $33 per share, raising $1.2 billion. Investor demand was extraordinary, with orders exceeding supply by nearly 40 times — far surpassing Circle’s 20x oversubscription and reflecting intense appetite for high-quality tech assets.

Notably, Figma used a “fixed-price order” mechanism for its IPO, requiring investors to submit specific price and quantity bids rather than relying on traditional market orders. The revival of this mechanism — popular during past IPO booms — is being seen as a strong signal of a recovering U.S. primary market, potentially paving the way for more high-caliber tech companies to go public.

Figma operates a cloud-based collaborative design SaaS platform, with 13 million monthly active users, two-thirds of whom are non-professional designers — a sign that the tool has evolved from a niche product into a broadly adopted application. In 2024, the company generated $749 million in revenue and is on track to deliver over 40% year-over-year revenue growth in Q2 2025, potentially achieving profitability for the first time.

Although its proposed $20 billion acquisition by Adobe was blocked due to antitrust concerns, Figma’s successful standalone listing underscores strong market confidence in its independent value. Co-founder Dylan Field retains 74.1% voting control through super-voting shares, ensuring strategic stability for the company’s long-term vision.

Figma’s explosive debut has not only boosted investor sentiment toward tech stocks but also signaled a revival in U.S. IPO market momentum. At a time when AI and enterprise software are converging, Figma’s success could mark the beginning of a new wave of high-quality technology listings.