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Title: Figma Files For IPO

Link: https://slashdot.org/story/25/07/01/2058244/f...

Figma has filed to go public on the NYSE under the ticker "FIG," marking one
of the most anticipated IPOs in recent years following its scrapped $20
billion acquisition by Adobe. CNBC reports: Revenue in the first quarter
increased 46% to $228.2 million from $156.2 million in the same period a year
ago, according to Figma's prospectus. The company recorded a net income of
$44.9 million, compared to $13.5 million a year earlier. As of March 31,
Figma had 1,031 customers contributing at least $100,000 a year to annual
revenue, up 47% from a year earlier. Clients include Amazon Web Services,
Google, Microsoft and Netflix. More than half of revenue comes from outside
the U.S. Figma didn't say how many shares it plans to sell in the IPO. The
company was valued at $12.5 billion in a tender offer last year, and in April
it announced that it had confidentially filed for an IPO with the SEC. [...]
Figma was founded in 2012 by CEO Dylan Field, 33, and Evan Wallace, and is
based in San Francisco. The company had 1,646 employees as of March 31.
Before establishing Figma, Field spent over two years at Brown University,
where he met Wallace. Field then took a Thiel Fellowship "to pursue
entrepreneurial projects," according to the filing. The two-year program that
Founders Fund partner Peter Thiel established in 2011 gives young
entrepreneurs a $200,000 grant along with support from founders and
investors, according to an online description. Field is the biggest
individual owner of Figma, with 56.6 million Class B shares and 51.1% of
voting power ahead of the IPO. He said in a letter to investors that it was
time for Figma to buck the "trend of many amazing companies staying privately
indefinitely." "Some of the obvious benefits such as good corporate hygiene,
brand awareness, liquidity, stronger currency and access to capital markets
apply," wrote Field. "More importantly, I like the idea of our community
sharing in the ownership of Figma -- and the best way to accomplish this is
through public markets." As a public company, Field said investors should
"expect us to take big swings," including through acquisitions. In April,
Figma bought the assets and team of an unnamed technology company for $14
million, according to the filing. They also registered over 13 million users
per month, one-third of which are designers.

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