Design-Software Maker Figma Files for IPO

Figma has filed to go public, the latest company to test renewed interest in the IPO market.

The design-software maker on Tuesday filed to list its shares on the New York Stock Exchange. The move comes after Figma’s $20 billion sale to the software company Adobe ADBE -2.95%decrease; red down pointing triangle fell apart in late 2023 after regulators in the U.K. said the proposed deal would harm innovation.

Figma, which plans to list shares under the symbol FIG, didn’t disclose the expected price range or number of shares it plans to offer. The company said it plans to use a portion of the proceeds from the offering to repay expected borrowing under a revolving credit facility which will mature on June 27, 2030.

The company saw sales of $749 million in 2024, up 48% from the year before. Revenue was $228.2 million for the three months ended March 31, up 46% from the same period a year prior, the company said.

Figma had confidentially filed a draft registration of the offering with the Securities and Exchange Commission in April. Last year, the company conducted a tender offer that valued the San Francisco company at $12.5 billion.

The filing comes as signs emerge that the IPO market is awakening, after a rough couple of years for new listings due to high interest rates and investors re-evaluating the big valuation they previously gave buzzy startups.

The IPO market suffered another setback earlier this year, as President Trump’s “Liberation Day” tariffs jolted stock markets and delayed companies from going public.

In recent weeks, however, optimism has picked up, with well-received debuts for financial technology company Chime Financial, crypto firm Circle Internet Group and space-and-defense technology company Voyager Technologies.

Other companies waiting to go public include ticket sling platform StubHub and buy-now-pay-later company Klarna.