Figma shares more than tripled in the company’s New York trading debut Thursday, suggesting a turnaround in the tech IPO landscape, analysts said.
Shares in the design software firm — which Adobe had agreed to acquire in 2023 before UK regulators killed the deal — were sold for $33 in its IPO on Wednesday, but were trading for more than $107 Thursday afternoon. It marked the largest venture capital-backed IPO in the US since 2021, and is a strong sign for the broader IPO market, which has been in a multiyear lull.
“This will open the floodgates,” the president of the New York Stock Exchange said, predicting a slew of forthcoming listings.