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4w ago

Figma Extends Rally With 5% Gain, Nears $59 Billion Valuation

Lina Khan hailed the IPO as a vindication of antitrust enforcement after regulators blocked Adobe’s $20 billion takeover attempt.

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WASHINGTON, DC - OCTOBER 4: Federal Trade Commission Chair Lina Khan speaks during a discussion on antitrust reforms at the Brookings Institution October 4, 2023 in Washington, DC. Khan assumed the role of FTC chair in June 2021 after being appointed by U.S. President Joe Biden and confirmed by the Senate. (Photo by Drew Angerer/Getty Images)
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Overview

  • Shares climbed 5% on Friday, pushing Figma’s market cap to about $59 billion following its debut surge.
  • The offering was priced at $33 per share, raising $1.2 billion through the sale of 36.94 million shares.
  • Figma opened trading at $85 and closed its first day at $115.50, marking a 250% jump from the IPO price.
  • The company logged over 46% year-over-year revenue growth and now serves more than 75% of the Forbes 2000 with 13 million monthly users.
  • Former FTC chair Lina Khan said the IPO vindicated regulators’ decision to block Adobe’s $20 billion bid, underscoring the value of independent growth.