Figma disclosed higher revenue and profit for the quarter ended March 31, as the cloud-based designer platform prepares to list on the NYSE more than a year after its $20 billion planned sale to Adobe was scrapped.
The company’s IPO is poised to be one of the most high-profile listings this year, signaling that concerns stirred by U.S. tariffs are quickly fading in the wake of a scorching equities rally.
Figma’s IPO was widely expected after antitrust regulators in Europe and the UK blocked Adobe’s deal.
In December 2023, the companies mutually ended the deal, which would have been one of the biggest acquisitions of a software startup.
Last year, Figma was valued at $12.5 billion in a tender offer that allowed its employees and early investors to cash out some of their stake.
For the three months ended March 31, the company reported $228.2 million in revenue, compared with $156.2 million a year earlier, and its net income jumped three-fold to $44.9 million.
Part of the IPO proceeds will be used to repay debt, the company said.
Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are the lead underwriters for the IPO. Figma expects to trade under the symbol “FIG”.
