Collaborative-design software provider Figma (NYSE: FIG) debuted on the New York Stock Exchange on 31 July. Priced at $33 per share, the offering raised roughly $1.2 billion. The stock closed its first session at $115.50, up about 249 %, marking the biggest first-day gain in nearly three decades for a U.S. IPO that raised more than $1 billion.

Opening Act: Capital Flows from Pricing to Close

Figma and select early investors sold about 36.9 million Class A shares at $33, giving the company an initial fully-diluted valuation of around $19.8 billion. The book was more than 40 times covered, leaving over half of institutional orders unfilled. The shares opened at $85, finished at $115.50—almost 2.5 times the offer price—and changed hands for over $6 billion. The closing market cap was roughly $56.3 billion; including options and restricted stock, the fully-diluted valuation approached $65 billion—far above Adobe’s blocked $20 billion bid in 2023, underscoring investors’ renewed appetite for high-growth SaaS assets.

Fundamentals and an AI-Driven Growth Thesis

For fiscal 2024, Figma posted revenue of $749 million, up 48 % year on year. In the quarter ended March 2025, revenue rose 46 % to $228 million, while net profit reached $44.9 million and gross margin held at about 88 %.

Management has pivoted to generative AI as the next growth engine. Tools launched in May—such as Figma Make and Buzz—let users create prototypes, code and marketing assets directly in the browser, while FigJam and Dev Mode extend collaboration to product managers and front-end engineers, boosting average revenue per user. This “AI + real-time collaboration” positioning both deepens penetration among the platform’s 13 million MAUs and aligns with investors’ demand for tangible AI use-cases, forming a key part of the IPO’s rich valuation.

IPO Revival: The Figma Ripple Effect

According to Renaissance Capital, the U.S. has logged 123 IPOs so far in 2025, including 26 in July alone—the busiest month in two years—versus just 150 deals in all of 2024. Analysts now expect 155–195 IPOs for the full year. Unicorns such as Canva, Databricks and Chime are closely watching the window, with Figma’s pricing providing a fresh benchmark.

Bankers caution, however, that while peaking rates and lower volatility have reopened the market, late-stage tech names still need a clear path to profitability to avoid breaking below offer. Figma’s massive oversubscription reflects both confidence in its fundamentals and a broader rebound in risk appetite for high-growth themes.

How to Buy Figma on uSMART

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