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

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

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Equity Bottom-Up

<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