Figma wants to raise $1 billion, JPMorgan and BofA under pressure: the main thing about the IPO by July 27

Figma, the owner of a service for user interface design, is looking to raise $1 billion on the New York Stock Exchange. Two large IPOs of mature companies with a history - NIQ and McGraw Hill - did not arouse enthusiasm among investors. JPMorgan Chase and Bank of America came under pressure from U.S. parliamentarians over the listing of China's CATL. The main events on the IPO market during the week are in our selection.

- American Figma, the owner of a popular service for user interface design, announced the price range and volume of its upcoming IPO on the New York Stock Exchange. The company intends to sell nearly 37 million shares at prices ranging from $25 to $28 apiece and raise up to $1.03 billion. The business valuation in this offering could reach $16.4 billion. Figma's shares will trade under the ticker FIG. The company demonstrates strong growth, with revenue up 46% and net income tripling in the first quarter of 2025. In its application for the IPO, Figma indicated that it is investing in bitcoin and considering M&A opportunities.

- Shoulder Innovations, a US developer of implants for shoulder surgery, has decided to raise up to $105 million in a flotation on the New York Stock Exchange. The company is looking to offer 5 million shares at $19-21, which at the top end of the range would give it a valuation of about $418 million. Shoulder Innovations uses artificial intelligence to plan surgical procedures, and its largest shareholders include US Venture Partners and Fidelity funds. The IPO will be priced on July 30, reported Bloomberg, citing marketing presentation materials. Shoulder Innovations was founded in 2009. It ended the first quarter of 2025 with a loss of $4.7 million on revenue of $10.1 million.

- Los Angeles Times owner Patrick Soon-Shiong announced plans to take the newspaper with a century-and-a-half of history public in 2026. He said that the Los Angeles Times' post-IPO stock ownership structure would be similar to that of the NFL club Green Bay Packers. The team has a model unique in American sports: it is owned by hundreds of thousands of private shareholders - ordinary fans. In January 2024, the Los Angeles Times fired more than 20 percent of its editorial staff amid financial difficulties. Soon-Shiong said at the time that the paper was losing $30-40 million a year.

- BitGo, one of the leading cryptocustodial services in the U.S., has filed a confidential IPO filing. The company plans to go public in New York on the back of record crypto market capitalization, which has reached $4 trillion, as well as an update of bitcoin's all-time high. BitGo has been operating since 2013 and is considered one of the key players in the digital asset storage segment - a service increasingly in demand as large corporate and institutional clients enter cryptocurrency. In 2023, the company raised $100 million in investment at a valuation of $1.75 billion.

- Avalara, a developer of cloud-based tax accounting automation software, announced that it has filed a confidential U.S. IPO filing. The company, which has been owned by Vista Equity Partners since 2022 and was valued then along with debt at $8.4 billion, is preparing to go public again amid growing investor interest in new offerings. Avalara's clients include Adidas, Crocs and Reebok.

- Private equity funds BC Partners and Pollen Street Capital have resumed preparations for a London Stock Exchange listing for Shawbrook, a bank that specializes in lending to small businesses, the Financial Times reported. The IPO could take place in the second half of 2025 and would be a significant event for London, where new listings fell to the lowest in 30 years in January-June. The bank had intended to go public in early 2025 and was looking at a valuation of £2 billion, but postponed the listing due to market volatility.

- Indian mobile advertising platform InMobi, whose shareholder  is SoftBank, plans to raise up to $1 billion in an IPO on the Mumbai exchange, reported Bloomberg citing sources. The company plans to select underwriters and file an initial regulatory filing in the coming months, expecting a valuation of $5-6 billion, but the final parameters of the deal have yet to be determined. InMobi was founded in Mumbai in 2007 and has been among India's "unicorns" for more than a decade. If the offering goes through, it will join the ranks of tech startups that have opted to list on the country's domestic market over foreign exchanges. These include Meesho, Zepto, Pine Labs and PhonePe. 

- Shares of NIQ Global Intelligence, known as NielsenIQ, fell 3.6 percent on their first day of trading, July 23, after their IPO on the New York Stock Exchange. They rose slightly on Thursday, but fell back into negative territory on Friday and were trading below the offering price. It was at the lower end of its stated range of $21 per share, raising $1.05 billion. NIQ is a global leader in consumer analytics and its clients include Coca-Cola, Nestle and Sony. Несмотря на оптимизм на рынке IPO, неудачный биржевой дебют NIQ показал, что инвесторы по-прежнему предъявляют высокие требования к качеству эмитентов,

- Shares of Carlsmed, a developer of technology for AI-personalized spine surgeries, also fell 3.3% in debut trading. The company offered 6.7 million shares on the New York Stock Exchange at $15 a share - in the middle of its target range - and  raised $100.5 million. Carlsmed's offering came amid weak demand for IPOs in the health care sector: since the start of 2025, companies in that industry have raised $2.1 billion on U.S. exchanges - nearly half the amount raised in the same period in 2024, calculated by Bloomberg.

 - Shares of McGraw Hill, one of the largest providers of educational technology, ended the first day of trading unchanged and closed at $17 per share, in line with the listing price. The company raised $414.6 million in its IPO by selling 24.39 million shares, although it had originally planned to offer more securities and at a higher price in the $19-22 range. At the end of the IPO, McGraw Hill's capitalization was $3.2 billion. 

- Shares of Accelerant Holdings, an insurance B2B marketplace operator, jumped 26% on the first day of trading after listing on the NYSE. At the end of the trading session, Accelerant's capitalization approached $6 billion, reported MarketWatch. The company offered about 20.3 million shares at $21 apiece, $1 above the top end of its announced price range. Due to strong demand, Accelerant shareholders increased the number and volume of securities they sold from 8.7 million to 14.2 million.

- Fibra Next, a Mexican real estate fund, raised 8 billion pesos ($431 million) in an IPO, the largest listing in Mexico in seven years, reports Bloomberg. The fund will use the proceeds to develop 500,000 square meters of industrial real estate and implement new investment projects. The listing was originally planned for 2023 and was expected to raise up to $1.5 billion, but has been postponed several times due to delays in approval from tax authorities and unfavorable market conditions. Fibra Next may conduct an additional offering in the future to raise up to $800 mln for further growth.

- JPMorgan Chase and Bank of America have come under pressure from the U.S. Congress over their involvement in the IPO of Chinese battery maker CATL. The House Special Committee on the Chinese Communist Party requested documents from the banks disclosing their roles in the offering. In April, the committee called for the banks to withdraw from the deal, but they remained as underwriters and CATL successfully raised $5.2 billion on the Hong Kong exchange. U.S. congressmen have argued that the banks and their investors could be exposed to regulatory and reputational risks because CATL is on a list of companies with alleged ties to the Chinese military. CATL insists that their products were never supplied to the military.

- The successful debuts of major companies on Nasdaq have markedly improved the prospects for new IPOs, reflected in the exchange operator's earnings growth and stock strength, said platform head Adina Friedman. The first half of 2025 saw the highest number of new listings on Nasdaq since a record year in 2021, with notable players such as Chime and CoreWeave IPOing, and Shopify and Kimberly Clark moving on from rival exchanges. Friedman noted that the growing interest in large deals and the market's revitalization make it possible to expect a high pace of offerings through the end of 2025 and into 2026.

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