Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.</li>
<li>Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.</li>
<li>I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.</li>
</ul>


Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.


Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.</li>
<li>Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.</li>
<li>
<a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">Figma (FIG US)</a> is expected to be added to US TMI at the September 2025 review.</li>
</ul>



Figma (FIG US) targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.
Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.

Figma (FIG US) is expected to be added to US TMI at the September 2025 review.


Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

<ul>
<li>California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.</li>
<li>I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.</li>
<li>I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.</li>
</ul>


California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.


Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

<ul>
<li>Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.</li>
<li>The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.</li>
<li>I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  </li>
</ul>


Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  


Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

Equity Capital Markets

<ul>
<li>Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.</li>
<li>The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.</li>
<li>The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.</li>
</ul>


Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.


Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Andrei Zakharov

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...

Andrei Zakharov

Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...

Andrei Zakharov

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Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

Figma (FIG US): Delayed US & Global Index Inclusion Despite Aimed $13.7B Valuation

Figma failed fast-entry to US-S TMI (snp) and US-C (crisp) despite price rally of 270% due to free float being below 10% excluding the greenshoe....

Dimitris Ioannidis

Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term

​Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Andrei Zakharov

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

​Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...

Andrei Zakharov

Figma IPO: Pricing and First Trading-Day, ~$67B Market Cap At The Close, Unsustainable Multiples

​Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...

Andrei Zakharov

Figma shares sold off 20% after early lockup release, but selling pressure is expected to ease as valuations improved and extended lockup...

Figma Inc. has successfully completed its IPO and ~sold 36.9M Class A shares above marketed price range. Partial early lock-up release to occur...

Figma Inc. went public at $33/share, closed at $115.50, with a market cap of ~$67B, implying a sky-high EV/Revenue multiple on my 2025 revenue...