Figma IPO: shares of Adobe's competitor started trading

Preliminary trading in shares of Figma, a developer of user interface design service, which Adobe wanted to buy for $20 billion, has started in the trading system for Freedom clients. The securities are available under the ticker FIG.US. They will appear on the New York Stock Exchange later Thursday.

Figma and its shareholders raised $1.2 billion on the New York Stock Exchange by placing 36.9 million shares at $33 per paper. According to Financial Times calculations, that equates to a capitalization of about $19.5 billion on a fully diluted basis. A rise in quotes at the start of trading could raise the valuation to $20 billion - exactly the amount offered by Adobe, which tried to buy Figma in 2023, from the

Initially, Figma hoped to float its IPO at a price of $25 to $28 per share. Subsequently, due to strong demand, the company raised the price range to $30 to $32. According to sources Bloomberg, demand for Figma shares exceeded the supply by nearly 40 times, and the company warned investors that its IPO would likely be priced above the stated range.

Figma's IPO was structured more like an auction than a classic offering, said a Bloomberg source. According to him, the IPO organizers asked potential investors to specify the exact number of shares they wanted to buy and the price at which they were willing to do so.

Figma competes with Adobe in the designer software market, but is best known for its UI/UX tools - used by Netflix, Uber and Google, noted by The Motley Fool. Figma's services are used by 95% of Fortune 500 companies. The company has revolutionized digital design by making a professional product not as a standalone program, but as a web-based, real-time team development application, stresses IG.

Figma goes public as one of the few profitable SaaS companies with high growth rates. In 2024, Figma grew revenue 1.5 times, to $749 million. In the first quarter of 2025, the company maintained a gross margin of 91% and generated $44.9 million in net income. This combination of rapid growth and profitability puts Figma among the top SaaS companies in the world: on an integral score that summarizes growth and profitability, Figma scores 63 points - higher than 95% of software firms in the market, confirms IG.

Freedom Broker gave shares of Figma a "buy" rating. The target price is $42.9, which gives a potential upside of 30% to the IPO offering price, Freedom Broker analyst Alem Bektemirov wrote. At the same time, he notes the strong dependence of the valuation on revenue and operating margin forecasts. In case of an accelerated slowdown or weak margin growth, the valuation could drop significantly.

Figma went public as a technology platform with impressive financials, a strong market position and growth potential in the AI-based collaboration tools segment. Its shares may be of interest to long-term investors who are well-versed in the technology sector and SaaS models, considers IG. But there are risks - Figma doesn't pay a dividend, and its stock could be volatile once it goes public. Figma stock also may not be a good fit for those looking for quick profits, accounts IG.

Investors value Figma significantly higher than Adobe: its P/S (price/earnings) ratio is 18-20, while Adobe's is 7-10, despite the latter's broader product line, according to AInvest, an online platform specializing in stock forecasts and stock analysis. For conservative investors, AInvest recommends a cautious approach: monitor Figma's post-IPO stock performance, its ability to expand its product offering with related tools (Figma Slides, FigJam) and its reaction to Adobe's aggressive AI strategy. For more risk-averse investors, AInvest advises to consider buying a small position in Figma - with the expectation that the company will really change its approach to design in the AI era.

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Freedom clients will be able to get access to Figma shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the opening of the US exchanges (from 15:30-16:30 Astana time). To participate, click on the ticker FIG.US

This article was AI-translated and verified by a human editor