Figma, a design software company, has submitted confidential paperwork for an initial public offering with the U.S. Securities and Exchange Commission (SEC). This filing comes 16 months after the company called off a $20 billion acquisition deal with Adobe due to regulatory challenges in the U.K. Despite the acquisition termination, Adobe paid Figma a $1 billion fee for the deal’s cancellation. Figma, based in San Francisco, has been valued at $12.5 billion in a 2024 tender offer and is widely recognized for its software that facilitates collaboration among designers creating prototypes for websites and apps.
Founded in 2012, Figma is backed by several high-profile investors, including Andreessen Horowitz, Greylock Partners, and Sequoia Capital. The company, which generated approximately $600 million in annual revenue as of early last year, joins a list of tech companies navigating a complex IPO environment. While the tech IPO market has remained subdued since 2021, Figma’s filing signals a renewed push towards public offerings despite a challenging market landscape. CEO Dylan Field previously mentioned that Figma explored both acquisition and public listing paths before deciding to pursue the latter.