After failing to sell to Adobe, design software Figma officially applied for an IPO in the United States.
On July 1, according to the publicly available prospectus, Figma plans to list on the New York Stock Exchange under the ticker symbol &#34;FIG.&#34; Given Figma's rapid growth and high valuation in the private market, this IPO is expected to be one of the most anticipated IPOs in recent years.
The document shows that Figma's growth momentum is strong. In the first quarter of this year, its revenue grew by 46% year-on-year, increasing from $156.2 million in the same period last year to $228.2 million; net profit rose from $13.5 million to $44.9 million.
At the end of last year, the company's acquisition agreement with Adobe was terminated due to opposition from UK regulators, resulting in Figma receiving a $1 billion termination fee. Analysts believe that Figma's IPO performance will be a key indicator of the recovery strength of the U.S. IPO market and may provide a reference for other high-valued private companies waiting to go public, such as Databricks and Stripe.
<h2>Rapid Growth Driven by High-Quality Customer Base</h2>
Figma's rapid growth is attributed to its large and high-quality customer base.
Data shows that the company has over 13 million monthly active users, of which only one-third are designers. As of March 31, approximately 85% of monthly active users are from outside the United States, although 53% of revenue comes from overseas markets.
Additionally, as of March 31 this year, the company had about 450,000 enterprise customers, with the number of customers contributing annual revenue exceeding $100,000 reaching 1,031, a year-on-year increase of 47%. Its client list includes well-known companies such as Duolingo, Mercado Libre, Netflix, and Stripe.
This IPO will also bring much-needed returns to Silicon Valley venture capital firms. According to the document, Index Ventures is the largest external shareholder, holding a 17% stake before the IPO; Greylock holds 16%, Kleiner Perkins holds 14%, and Sequoia holds 8.7%.
Figma was founded in 2012 by 33-year-old CEO Dylan Field and Evan Wallace. Field is the largest individual shareholder, holding 56.6 million Class B shares, giving him 51.1% of the voting power before the IPO.
<h2>&#34;Bold Bets&#34; Growth Strategy</h2>
Looking ahead, Figma plans to adopt an aggressive expansion strategy. Field stated in a letter that as a public company, investors should &#34;expect us to take bold actions,&#34; including acquisitions and investments.
As of the end of March, the company held $1.54 billion in cash, cash equivalents, and marketable securities, providing ample &#34;ammunition&#34; for future investments and acquisitions. According to media reports, Figma has already taken action:
<blockquote>
<ul>
<li>In April this year, Figma acquired the assets and team of an unnamed technology company for $14 million and acquired a content management system software company for $35.5 million</li>
<li>In the same month, design software startup Modyfi announced its joining of Figma.</li>
<li>In June, Figma revealed in a blog post that it had acquired content management software startup Payload, which is supported by Google and MongoDB.</li>
</ul>
</blockquote>
Figma has also begun to venture into digital currency investments:
<blockquote>
<ul>
<li>In 2024, the company's board approved an investment of $55 million in the Bitwise Bitcoin Exchange-Traded Fund. As of March 31, this investment was valued at $69.5 million.</li>
<li>In May, the board approved a $30 million Bitcoin investment, with Figma allocating funds into USD Coin stablecoin</li>
</ul>
</blockquote>

ADBE

After the failed acquisition by Adobe last year, design software Figma officially filed for an IPO in the United States this Tuesday. With ample funding, Figma plans to pursue bold acquisitions and investment expansions post-IPO

- Figma has officially filed for an IPO on the New York Stock Exchange under the ticker "FIG" after a failed acquisition by Adobe.  
- The company reported a 46% year-over-year revenue increase in Q1, reaching $228.2 million, and a net profit rise from $13.5 million to $44.9 million.  
- Figma's growth is attributed to a strong customer base, with over 13 million monthly active users, and plans for aggressive expansion through acquisitions and investments, supported by $1.54 billion in cash and securities.

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Adobe

Figma officially submitted its IPO application, planning to achieve "great ambitions" through acquisitions