Figma’s Dylan Field will cash out about $60M in IPO, with Index, Kleiner, Greylock, Sequoia all selling, too

When Figma announced its archetypal hoped-for terms scope connected Monday ($25-$28), it besides revealed an antithetic determination for its highly anticipated IPO. 

It volition let existing shareholders to merchantability much shares than the institution plans to sell, by a precocious ratio. The institution plans to connection astir 12.5 cardinal shares. Yet existing shareholders volition beryllium allowed to currency retired of astir 24.7 cardinal shares, it said.

In addition, should this IPO beryllium arsenic blistery arsenic everyone thinks it volition be, existing shareholders volition get the enactment to sell, collectively, up to 5.5 cardinal much shares.

Figma laminitis CEO Dylan Field has disclosed that helium plans to merchantability 2.35 cardinal shares. At the midrange he’ll beryllium cashing retired of implicit $62 million. (That mightiness beryllium a overmuch higher fig if the IPO prices supra $28, too.)

Even with that sale, helium volition inactive ain an tremendous fig of shares and power the company. He volition clasp 74% of the voting rights aft the IPO. This is acknowledgment to supervoting rights of 15 votes per stock for the Class B banal helium controls, positive the close to ballot the Class B shares of his co-founder, Evan Wallace, the company says successful its S-1.

Figma’s biggest task investors are each cashing retired immoderate shares, arsenic well, including Index, Greylock, Kleiner Perkins, and Sequoia. Should the request beryllium determination for the over-allotment, they volition currency retired 1.7 cardinal to 3.3 cardinal shares apiece. That should let them to instrumentality immoderate currency to their investors successful this liquidity-starved task market.

It should beryllium noted, though, that each of these investors is keeping the lion’s stock of their Figma holdings. One mode to construe this mostly secondary merchantability is that if the institution hadn’t opened up stock income to existing investors, it mightiness not person had capable shares to conscionable the demand.

As you mightiness expect, the institution volition not marque wealth from the shares its stockholders sell. But should it terms supra its announced scope (as often happens with blistery IPOs), Figma volition rise more, arsenic volition its shareholders.

Prior to pricing, IPO experts expected Figma to merchantability astir $1.5 cardinal worthy of stock. Should it terms supra scope and transcend that, Figma would beryllium the biggest IPO of 2025 to date. The IPO could hap adjacent week, truthful we shall soon see. Figma declined further comment.