Design software maker Figma on Tuesday filed for an initial public offering, becoming the latest tech firm to plan a trading debut as the market for new listings shows signs of heating up.
Figma, which agreed to scrap a $20 billion merger with design software giant Adobe (ADBE) in 2023, said it plans to list on the New York Stock Exchange under ticker symbol “FIG,” according to its prospectus filing with the Securities and Exchange Commission. The company in its filing did not say how many shares it plans to sell in the IPO or the price at which it intended to sell them.
The company plans to use the proceeds of its IPO to pay down debt, the filing said, as well as for working capital and, potentially for acquisitions.
Figma offers creative tools for app and web interfaces and counts some of the world’s most valuable tech companies, including Amazon (AMZN), Google parent Alphabet (GOOGL), Oracle (ORCL), and Netflix (NFLX), among its customers.
The company reported first-quarter net income of $44.9 million on revenue that jumped 46% year-over-year to $228.2 million. It was reportedly valued around $12.5 billion in a tender offer last year.
Figma’s launch comes after a series of IPOs have landed, some—including stablecoin issuer Circle (CRCL) and online trading platform eToro (ETOR)—performing well.
