作者：Siqi，Xiaoyang，Isa 编辑：Siqi Figma （$FIG）将于美东时间 7 月 31 日登陆纽交所，接近 40 倍的超额认购让它有机会成为今年最 受欢迎 IPO。 作为当下 UI/UX 设计领域具有绝对影响力的设计工具，2020 年后，Figma 基本已经超越 Sketch 和 InVison 等"前辈"，成为 UI/UX 专业设计师的默认工作平台。Cloud-based 的协作和 PLG 的 GTM 策 略是 Figma 早期的增长飞轮，依托 UI/UX 的强产品力在整个前端工作流上围绕不同职能人群做功能 延展，构成了 Figma 的产品和增长逻辑。 • Figma 财务数字与同规模优秀上市公司相比均较为领先：2024 财年营收同比增长 48%，1Q25 营收 增长 46%，头部客户 NDR 为 132%，自由现金流利润率为 24%； • 按 $32 发行价对应为今年 15-16x EV/Sales 估值，Figma Make 带来的"AI winner" 叙事有机会带动更 高的 Upside； • Figma Make 是公司 2025 年推出的前端代码生成产品，我们认为是全球二级 ...

Welcome back to Squawk. Design software developer Figma pricing shares of its IPO at $33 each. That is above the expected range.The offering raising $1.2% billion with most of the proceeds going to existing stockholders. It values Figma at $19.3% billion. Now, the company, if you remember, had been agre had agreed to be acquired by Adobe for $20 billion.This was many years ago now, two or three years ago. Uh but that deal fell apart in 2023 following objections from regulators. The stock expected to debut t ...

划重点 ① Figma 将于 7 月 31 日登陆纽交所（代码：FIG），预计成为 2023 年 9 月 Klaviyo 之后规模最 大的软件 IPO。作为云原生设计协作平台的领军者，Figma 正从单一设计工具向全栈产品平台 战略性转型，重新定义了企业协作的边界。 ② Figma 完美契合现代企业软件的三大核心趋势：产品驱动的增长(PLG)模式、可扩展的 SaaS 商业模式，以及 AI 技术的深度整合。特别是在 PLG 模式下，它实现了同比 48% 的营收增速， 显著领先其他上市 SaaS 公司，展现出强劲的增长潜力。 ③ RockFlow 投研团队认为，基于 Figma 在设计协作领域的主导地位、持续领先的增长速度， 以及 AI 赋能带来的新机遇，其当下高估值得到了坚实支撑。这些优势叠加向全栈产品平台的演 进战略，使 Figma 成为当前 AI SaaS 领域最具投资价值的标的之一。 RockFlow 本文共4592字， 阅读需约14分钟 云原生协作设计平台 Figma 将于 7 月 31 日在纽交所上市。其 S-1 文件向投资者证明了：Figma 不仅仅是一款出色的产品，还是一门出色的生意。 2022 ...

Core Insights - Figma is set to begin trading on the New York Stock Exchange, marking one of the most anticipated IPOs of 2025 with shares priced at $33 each, above the previously announced range [1][2] - The IPO is significantly oversubscribed, with demand for shares being 40 times the number of shares available for sale, indicating strong investor interest [1] - The final offering raised $1.2 billion, primarily benefiting existing shareholders who are selling approximately twice as many shares as the company itself [2] - The IPO values Figma at $19.3 billion, close to the $20 billion valuation that Adobe would have paid before its acquisition attempt fell through in 2023 due to regulatory pressures [3] Summary by Sections IPO Details - Figma's shares are priced at $33, which is higher than the initial expected range of $30 to $32, and up from a previous range of $25 to $28 [2] - The offering raised a total of $1.2 billion, with a significant portion going to existing shareholders [2] Market Valuation - The IPO price establishes Figma's market valuation at $19.3 billion, which is near the valuation Adobe aimed for in its failed acquisition attempt [3] Demand and Oversubscription - The IPO is reported to be 40 times oversubscribed, reflecting a high level of demand for Figma's shares [1]

该公司与其投资者融资12亿美元。 软件开发公司Figma的美国IPO定价在每股33美元，高于此前所给发行价指导区间。 ...