Design software startup Figma announced on Tuesday that it has submitted confidential paperwork for an IPO. Details will remain under wraps until the documents are made public, which could happen in about a month.
Given the current volatility in the stock market—reacting to fluctuations in the Trump administration’s trade policies—pursuing an IPO at this time is unexpected, even at a preliminary stage. Both Klarna and StubHub, two highly anticipated tech IPOs, paused their plans in early April following a market decline linked to tariff news, and have yet to reschedule.
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While Figma is working toward an IPO, the timeline may not follow the typical four to six weeks after the acceptance of confidential paperwork.
Last valued at $12.5 billion in May 2024 after a tender offer for existing shareholders, Figma creates collaborative software for designers. Adobe’s attempt to acquire Figma for $20 billion fell through in 2023 due to regulatory concerns in Europe and the U.S.
The company is backed by prominent venture firms including Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins, alongside others like Andreessen Horowitz and IVP.
Figma has chosen not to comment further at this time.
SOURCE: PULSE GHANA
