Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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

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

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

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

Equity Bottom-Up

<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