Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

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

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.</li>
<li>Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.</li>
<li>The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.</li>
</ul>


Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.


Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

<ul>
<li>Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.</li>
<li>One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. </li>
<li>The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.</li>
</ul>


Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.
One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. 
The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.


Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

<ul>
<li>Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.</li>
<li>They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.</li>
<li>This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.</li>
</ul>


Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.


Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

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 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 Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

Figma increases IPO price range, strong demand with orders exceeding 30-times offering size, set to debut on July 31st.

IPO Boutique

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

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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 Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

​Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

​Figma increases IPO price range, strong demand with orders exceeding 30-times offering size, set to debut on July 31st.

IPO Boutique

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Figma Inc (FIG): High Profile Software IPO Sets Terms, Expecting Major Attention Next Week

​Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.

IPO Boutique

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...

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

Figma increases IPO price range, strong demand with orders exceeding 30-times offering size, set to debut on July 31st.

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Figma set to debut on July 31st with estimated revenue growth and high market cap, generating significant interest in IPO.