Figma's stock price surged a staggering 3.5 times during its initial day on the stock market.
Figma, the popular design platform, made a splash on Wall Street with an impressive first-day performance for its Initial Public Offering (IPO).
Figma priced its IPO at $33 per share, but the stock soared on its debut, closing the day at $115.5—an increase of 3.5 times the initial price. This strong first-day gain made Figma's stock the highest among all U.S. companies that raised more than $1 billion in their IPOs in the last 30 years, according to available data.
The premarket price of Figma's stock on August 1, 2023, was $136.1, marking further growth from the closing price on July 31. During the trading session on July 31, the stock reached a peak of $124.
The IPO raised $1.2 billion for Figma, resulting in a market capitalization of nearly $68 billion at the end of the day on July 31. This impressive valuation has catapulted Figma's CEO, Dylan Field, into the ranks of the world's wealthiest people. Bloomberg estimates that Field's net worth increased by $6.1 billion after the IPO.
While the exact record for the highest first-day gain for a U.S. company that raised over $1 billion in its IPO in the last 30 years is not explicitly detailed in the provided search results, one of the largest first-day gains was made by Snowflake Inc. in 2020. Snowflake raised about $3.4 billion in its IPO and its stock more than doubled on the first day of trading, marking one of the highest first-day gains for a large IPO in recent history.
For comprehensive historical IPO data, financial databases or IPO archives from financial data providers like Renaissance Capital may provide precise figures and comparisons.
Figma's impressive first-day performance in its IPO has significantly boosted the company's financial standing, positioning it among the highest-valued U.S. companies that raised more than $1 billion in their IPOs. The CEO, Dylan Field, saw his net worth surge by $6.1 billion as a result of this successful offering.
