Figma began trading on the New York Stock Exchange on Thursday after a prolonged delay, and its stock surged so quickly that trading was temporarily halted due to market volatility.
Within just a minute of trading, Figma’s market capitalization reached $45 billion, with the stock price fluctuating between $101 and a peak of $124 throughout the day. It ultimately closed at $115.50, resulting in a market cap of $47 billion, according to Yahoo Finance.
The company and its existing investors offered shares at an IPO price of $33 each, marking a significant increase. After-hours trading remained active, with the stock price continuing to rise.
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The demand for Figma’s stock was so high that users on X shared humorous posts about their orders being fulfilled by Robinhood. Instead of receiving dozens or hundreds of shares as requested, many reported being allocated just a single share, while one user proudly shared that they received 17 shares.
This successful IPO effectively relegates Figma’s failed $20 billion acquisition by competitor Adobe in 2023 to a mere footnote in the company’s history.
SOURCE: TECH CRUNCH
