Figma sold 36 million shares at $33 each, raising approximately $1.2 billion. After listing, shares surged to about $115, valuing the company near $68 billion—more than triple the IPO price.
“In order for application software companies to remain relevant and provide value… they will need to implement GenAI capabilities”
https://www.barrons.com/articles/figma-ipo-stock-price-news-648492ed
Bill Gurley called the offering a “massive pop highlighting the gross inefficiency in the modern IPO process”
https://www.ft.com/content/a2bf4010-29ad-4c1a-b963-ca1067e315b1
Underwriters priced Figma at $33 despite evident demand that pushed the opening price to $85 and quickly higher. That created roughly a $2 billion arbitrage pocket for secondary market investors. Few commentators highlight how banks estimated value conservatively then flamed demand. Index Ventures and Greylock saw their stakes amplify dramatically in value within hours. A rare data point: lead banks earned fees plus retained shares that almost doubled in value by close. Analysts say that excess pop reflects inexperience or risk avoidance, not fairness to issuers. Figma could have raised far more capital at closer to $100 per share if pricing matched demand. Banks benefit from underpricing to reduce risk but leave founding shareholders on the sidelines.
Quietly, this IPO reopens debate on who truly captures value from tech listings.
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