Quick overview

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Figma raised its price range to $30 to $32 per share, according to a filing with the US Securities and Exchange Commission on Monday, as the app design and collaboration software company approaches what could be one of the biggest listings of the year. An earlier filing showed the new range is higher than the previous range of $25 to $28 per share.

The IPO has received orders for more than 30 times the available shares, according to a source involved in the offering.

Based on the outstanding shares listed in its filing, the listing could value Figma at up to $15.6 billion at the top of the new price range. When considering restricted stock units and employee stock options, the company’s fully diluted value could reach about $18 billion. This figure is still less than the $20 billion it was expected to generate from a planned sale to Adobe Inc. that fell through in 2023.

Figma aims for a successful debut by designing its IPO more like an auction than a traditional listing. According to an informed source, potential investors have been asked to specify the shares they want to buy and at what price. To avoid missing out, investors place orders at higher prices than they otherwise would due to this requirement, a common feature of many pandemic-era tech IPOs.

Figma reported $44.9 million in net income and $228 million in revenue for the three months ending March 31. Although it showed revenue growth in 2024, the company ended the year with a $732 million net loss, mainly due to rising operating expenses.

The filing states that Dylan Field, the co-founder and CEO, will retain control over the company through his super-voting shares. He mentioned in a letter to shareholders that he plans to explore mergers and acquisitions to grow the Figma platform.