Core Insights - Figma, a cloud-based design software company, successfully went public on the New York Stock Exchange with a valuation soaring to $19.5 billion, raising approximately $1.22 billion by issuing 36.9 million shares at $33 each [2][12] - On its first trading day, Figma's stock opened at $83, peaked at nearly $125, and closed at $115.5, marking a 250% increase and elevating its market capitalization to $67.6 billion [2][12] - The IPO was characterized by a unique auction format, allowing investors to specify the number of shares and price they were willing to pay, contrasting with traditional IPO methods [3][4] IPO Details - Figma's initial IPO pricing range was set between $25 and $28, later adjusted to $30-$32, and finally to $33 due to overwhelming demand, resulting in a nearly 40-fold oversubscription [2][4] - The auction-style IPO, reminiscent of the Dutch auction method, allows for a more accurate reflection of market value and reduces underpricing, benefiting both issuers and investors [4][5] Market Context - The successful IPO of Figma indicates a resurgence in the U.S. IPO market, with a reported 40% year-over-year increase in fundraising in the first half of 2025, particularly in the tech sector [6][13] - Figma's user base has expanded significantly, with over 13 million monthly active users, and 85% of its revenue coming from international markets, highlighting its global reach [8][9] Financial Performance - Figma's revenue for 2024 reached $749 million, reflecting a 48% year-over-year growth, with a substantial portion of its clientele being Fortune 500 companies [8][9] - The company has seen its valuation increase dramatically from $1 billion in 2018 to $10 billion in 2021, showcasing its rapid growth trajectory [9] Investor Dynamics - Major venture capital firms, including A16z and Sequoia, have heavily invested in Figma, contributing to its robust financial backing and market presence [9][12] - The IPO provided an exit opportunity for early investors, with significant returns anticipated, especially after a previous acquisition attempt by Adobe fell through [12][13]

这种"限价单"模式曾在新冠疫情期间的"IPO狂潮"中一度流行，但在随后几年新股发行市场降温后逐渐 被市场遗忘。 Figma此次的出现，不仅为美国IPO市场带来了新的热度，也让其背后的支持者——A16z、红杉资本、 General Catalyst、Index、Greylock等投资机构收获颇丰。 一个拍卖式IPO的诞生 早在17世纪，荷兰人就发明了一种独特的销售方法，能够以最低的出价获取最高利润，这种方法被称 为"时钟"。荷兰花卉拍卖之所以能在全球占据领先地位，很大程度上得益于这种创新的拍卖模式，它也 被称为"荷兰式拍卖"或"荷兰式时钟"。 在AI技术席卷一切的浪潮下，资本市场对于非AI产业愈发趋于谨慎。然而就是在这样的背景下，一个 传统SaaS设计平台完成了逆时代崛起。 昨夜，美国云计算设计软件公司Figma成功在纽约证券交易所敲响了上市的钟声，其估值飙升至195亿 美元（约合人民币1400亿元）。据相关消息，Figma以每股33美元的价格发行了3690万股股票，成功募 集资金约12.2亿美元。 时间回到7月21日，Figma在其官方网站宣布正式启动IPO路演。根据当时披露的监管文件，Figma的最 初IP ...

Core Insights - Figma is adopting an auction-like IPO pricing mechanism, requiring potential investors to specify the number of shares and price they wish to purchase, aiming to maximize returns in its highly anticipated public offering [1][2] - The company seeks to raise up to $1.03 billion through this IPO, with a planned share issuance of approximately 37 million shares priced between $25 and $28 each, potentially leading to a post-IPO valuation of $16.4 billion [2][3] - The return of this pricing strategy indicates a resurgence in demand for high-quality tech stocks, as seen during the pandemic with companies like DoorDash and Airbnb [1][2] Pricing Mechanism - Figma's use of limit orders aims to provide more precise information on investors' valuation of the stock, contrasting with traditional IPOs where market orders can inflate perceived demand [2] - This strategy may help Figma approach the $20 billion valuation it had during a previous acquisition attempt by Adobe, which was abandoned due to regulatory concerns [2] Market Context - Figma's IPO is expected to be priced on July 30, with shares to be traded on the New York Stock Exchange under the ticker symbol FIG [3] - The strong underwriting team, including Morgan Stanley, Goldman Sachs, Allen & Co., and JPMorgan, reflects high market interest and anticipated demand for Figma's shares [3]