S&P 500 may face selling pressure as systematic funds reach full exposure
SAN FRANCISCO - Design and product development platform Figma has priced its initial public offering at $33.00 per share, the company announced in a press release. The company plans to begin trading on the New York Stock Exchange under the ticker symbol "FIG" on Thursday, July 31.
The offering consists of approximately 37 million shares of Class A common stock, with Figma itself offering 12.47 million shares and existing stockholders selling 24.46 million shares. The IPO is expected to close on August 1, subject to customary closing conditions.
Certain selling stockholders have granted underwriters a 30-day option to purchase up to an additional 5.54 million shares to cover over-allotments at the initial offering price.
Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan are serving as joint lead book-running managers for the offering. BofA Securities, Wells Fargo Securities, and RBC Capital Markets are acting as book-running managers, while William Blair and Wolfe | Nomura Alliance are co-managers.
Figma, founded in 2012, describes itself as a platform "where teams come together to turn ideas into the world’s best digital products and experiences." The company has evolved from a design tool to a connected platform that supports the product development process. Track Figma’s market debut and access comprehensive IPO analysis with InvestingPro, featuring real-time valuation metrics and expert insights on newly listed companies.
The Securities and Exchange Commission declared the registration statement for the offering effective on Wednesday, according to the press release statement.
In other recent news, DA Davidson analysts have shown optimism regarding Figma’s upcoming public listing on the New York Stock Exchange. The analysts have described Figma as "an ideal IPO candidate," suggesting it could pave the way for more software IPOs in the next 12 to 18 months. The company is set to price its initial public offering and commence trading soon. Current pricing estimates suggest a fully diluted market capitalization between $14.6 billion and $16.4 billion. This development highlights the strong interest and potential seen in Figma’s market debut. The anticipation surrounding Figma’s IPO reflects broader market interest in new software listings. DA Davidson’s positive outlook underscores the potential impact of Figma’s entry into the public market.
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