Figma Debuts on the Stock Market with a Valuation Three Times Higher Than the Failed Adobe Deal

Figma successfully held its initial public offering (IPO) on the NYSE: the stock price soared nearly fourfold, investors are thrilled, and the company’s founder has become a billionaire. Scroll.media explains how it happened.

Before the IPO

In 2022, Adobe announced its intention to acquire Figma in a deal valued at $20 billion. It seemed like the perfect exit. However, the deal fell through due to regulatory concerns: authorities blocked the acquisition, arguing that Adobe — already the dominant player in the design tools market — would gain even more market power.

After the deal collapsed, Figma began preparing to go public, recognizing it as the best path forward for the company’s growth. During the preparations, it became clear there was overwhelming investor interest: the IPO was oversubscribed by a factor of 40. Initially, Figma was valued at $10–12 billion, but right before the IPO, estimates climbed to $20 billion — the same valuation as the scrapped Adobe deal.

Stock Exchange Listing

There haven’t been many large, high-profile IPOs lately, which appears to have given Figma extra attention. The company went public with a share price in the range of $30–$33. By the close of the first trading day, shares had surged to $115 apiece. This pushed the company’s market capitalization to $67 billion — three times what Adobe had offered.

The fortune of Figma co-founder Dylan Field grew to $7.2 billion. The company raised $1.2 billion through the IPO.

The biggest winners were Figma’s investors: four venture funds now hold shares worth $24 billion, despite the company raising only about $333 million over its entire existence.

• Index Ventures — turned a $100 million investment into over $7 billion; their first investment came at a share price of 9 cents.
• Greylock Partners — $50 million turned into $6.75 billion; they invested when shares were at 20 cents.
• Kleiner Perkins — $90 million became $6 billion; their entry price was 33 cents per share.
• Sequoia Capital — their stake is now valued at more than $3.7 billion.

Analysts say Figma’s IPO is generally a positive sign for the market: it shows there is strong interest in new listings, which could encourage more companies to go public soon after several stagnant years.

The company’s prospects look promising: quarterly revenue is around $250 million, with annual growth in the double digits — the most recent quarter ended with a 40% increase compared to the same period last year. Figma currently has a monthly active user base of 13 million.