Figma is seeking a valuation of between $14.6 billion (£10.8bn) and $16.4bn in a planned IPO on the New York Stock Exchange, the company said in an updated prospectus, amidst a revived market for tech flotations.
The company said it expects to sell about 37 million shares at $25 to $28 each, generating up to $1bn in proceeds.
In a tender offer last year investors valued Figma at $12.5bn.
IPO plans
The IPO comes more than a year after Adobe scrapped a 2022 plan to buy Figma for $20bn, which foundered after regulators objected.
Figma filed for its offering on 1 July to trade on the NYSE under the symbol “FIG”.
Revenue rose 46 percent in the first quarter of this year, while net income grew threefold, the company said in its updated filing on Monday.
The figures implied year-on-year revenue growth of between 39 percent and 41 percent.
In its earlier filing Figma disclosed an investment in Bitwise’s Bitcoin exchange-traded fund and said it plans to allocate another $30m to Bitcoin investments.
Figma is a cloud-based design app that allows people to collaboratively design apps, websites and software interfaces.
Regulators in the UK and the EU had become concerned that if Adobe were allowed to buy up the rising competitor it would enable it to establish too strong a hold on the design market.
IPO resurgence
The pace of tech companies holding offerings on US exchanges has slowed since late 2021 over inflation and recession concerns.
But more recently CoreWeave, Circle and Chime have held successful offerings.
Circle, which offers a stablecoin, has continued to rise since its June IPO, benefiting from a White House policy favourable to cryptocurrencies and new stablecoin regulations that were signed into law last week.