Dylan Field, co-founder and CEO of Figma, appeared at the Bloomberg Technology Summit in San Francisco on May 9, 2024.
David Paul Morris | Bloomberg | Getty Images
Design software company Figma filed for an IPO Tuesday and plans to trade on the New York Stock Exchange pattern symbols.
Given Figma’s growth rate and high private market valuation, the product will be one of the highly anticipated IPOs in recent years. In the second half of 2023, a US$20 billion acquisition agreement will be Adobe Once was scrapped Due to regulatory issues in the UK, Adobe paid Figma a $1 billion termination fee.
Revenue in the first quarter rose 46% to $228.2 million a year ago, according to Figma’s prospectus. The company’s net income was $44.9 million, compared with $13.5 million in the same period last year. As of March 31, it had 1,031 customers contributed at least $100,000 in annual revenue each year, a 47% increase over the same period last year.
The company did not say how many shares it plans to sell in its IPO. The company is worth $12.5 billion Bid offer Last year, it announced Propose a secret IPO with the SEC.
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Figma was founded in 2012 by 33-year-old CEO Dylan Field and is headquartered in San Francisco. As of March 31, the company had 1,646 employees. Field is the largest individual owner, with 56.6 million Class B shares and 51.1% of the vote prior to the IPO.
Field said in a letter to investors that it is time to let figs “stay privately indefinitely in the trend of private”.
Several companies comply with the bill, including Streptococcus, SpaceX and Stripe.
“Some obvious benefits such as good company hygiene, brand awareness, liquidity, stronger currency and opportunities to enter the capital market,” he wrote. “More importantly, I like the idea that our community shares fig ownership, and the best way to achieve this is through the public market.”
Field added that as a public company, investors should “expect us to swing big”, including through acquisitions.
The IPO will also mark another much-needed victory for Silicon Valley venture capital firms, which needs to be paid off after years of downturn. The document says Index Venture Capital is the largest external shareholder, holding 17% of the shares before issuance. Greylock owns 16%, Kleiner Perkins controls 14%, and Sequoia has 8.7%.
Figma said it faces “hard competition” and the loss of market share will “adversely affect our business”, but did not name any specific competitors.
Morgan Stanley and Goldman Sachs With Allen and Co. and JPMorgan Chase.
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– CNBC’s ARI levy contributes to this report.
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