Figma (FIG) soared a jaw-dropping 250% in its NYSE debut on Thursday, the biggest ever first-day pop for a billion-dollar IPO, smashing the same record set by Circle Internet Group (CRCL) in its recent June IPO, when it popped 168%.
It's even the best first-day pop among IPOs raising at least $500 million. In our 30+ year records, only three IPOs sized $500 million or more have gained at least 150% on day one: Figma (+250%), Circle (+168%), and Palm Inc (+150%), maker of the PalmPilot, in March 2000.
Figma had originally planned to offer shares at a range of $25 to $28, raised the range to $30 to $32, priced at $33 per share, opened at $85, and closed its first day at $115.50.
At pricing, the company was valued at a fully diluted market cap of $19.8 billion (24x LTM sales), just shy of Adobe's attempted $20 billion buyout in 2022, but by day's end it commanded a market cap of nearly $70 billion (85x LTM sales).
Even before it traded, Figma's IPO produced some notable stats: The biggest VC-backed tech IPO by deal size since 2021, the largest software listing by market cap since 2021, and the first enterprise software seller to price at a trailing sales multiple of at least 20x since 2021...
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