On the 31st (local time), the American design software corporation Figma went public on the New York Stock Exchange, with its stock price soaring to over $100, more than three times the initial offering price. At one point during trading, it rose to $116.38, bringing the market capitalization to $43 billion, surpassing double the valuation during Adobe's attempted acquisition in 2022.
As of 2:27 p.m. Eastern time (11:27 a.m. Pacific time), Figma's stock was trading at $105.63. The initial offering price was originally set at $25 to $28 per share but was raised to $30 to $32 due to increased demand and was finally set at $33 the day before.
Figma is a corporation that develops collaborative design software and competes with Adobe. Adobe attempted to acquire Figma in 2022 but withdrew its plans in 2023 after failing to pass antitrust reviews in Europe and the United Kingdom.
Founded in 2012 by CEO Dylan Field and Evan Wallace, Figma launched a Korean version in May, entering the domestic market. The company stated that its revenue for the second quarter of this year is expected to reach approximately $247 million to $250 million, a 40% increase compared to the same period last year.
Meanwhile, in the recent U.S. IPO market, some technology corporations have shown high stock price increases after going public. CoreWeave, a data center company that went public last March, has risen from its initial offering price of $30 to over $110, and Circle, a stablecoin corporation that went public in June, is currently trading at around $180 from an initial offering price of $31.