Collaborative design software company Figma has increased the price target for its highly anticipated initial public offering (IPO). Shares are now expected to be priced between $30 and $32 each, up from the previously disclosed price target range of $25 and $28 each.
The cloud-based interface design tool is aiming for a valuation of around $18.8 billion, dramatically higher than last week’s projection but still below the $20 billion that Adobe had planned to pay for the company a few years ago.
Figma disclosed the expected price target increase on Monday in an amended registration statement with the Securities and Exchange Commission (SEC).
The San Francisco-based company confidentially filed an initial S-1 form with the SEC in April. On July 1, Figma announced its registration statement was available to the public.
IPO market is heating up this year
Figma will trade on the New York Stock Exchange (NYSE) under the ticker “FIG.” The listing, reportedly expected this week, could be among the year’s biggest.
It comes as the market for tech-focused offerings has been roaring back to life. Circle Internet Group, Chime Financial, and Hinge Health are among the buzzy tech startups that have gone public this year. In addition to Figma, space tech company Firefly Aerospace is also expected to IPO soon.
In September 2022, Adobe (NYSE: ADBE) had announced plans to buy Figma for $20 billion in cash and stock. But the merger was scrapped due to antitrust concerns raised by European and U.K. regulators.
In December 2023, both companies announced that they had mutually agreed to terminate their merger agreement. Adobe paid Figma a $1 billion termination fee.
In its SEC paperwork, Figma reported $228.2 million in revenue for the first three months of 2025. The company reported $749 million in revenue in 2024, an increase of 48% year-over-year. The design software maker has 13 million monthly active users.
