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In a daring pivot from its thwarted $20 billion union with Adobe, design-software phenom Figma has fired the starting gun on a blockbuster $979 million initial public offering, marking a dramatic new chapter for one of Silicon Valley’s brightest startups.

In a filing made Monday with the U.S. Securities and Exchange Commission (SEC), San Francisco-based Figma disclosed plans to list 36.9 million shares at a price range of $25 to $28 each, setting the stage for a $15.9 billion market cap at the offering's midpoint, according to Renaissance Capital.

This move puts Figma in the IPO spotlight just months after walking away from a historic mega-deal with Adobe, abandoned amid intense antitrust scrutiny in the U.K. and EU.

Backed by Titans, Fueled by Momentum

Venture powerhouses Sequoia Capital, Index Ventures, Greylock, and Kleiner Perkins are all on board as Figma gears up to float its stock on the New York Stock Exchange under the ticker FIG.

The offering, which is expected to price the week of July 28, will also include an option for underwriters to purchase an additional 5.5 million shares of Class A common stock to cover over-allotments.

Counsel in the Ring

• Fenwick & West LLP is advising Figma, with a legal team led by Michael Esquivel, Ran Ben-Tzur, Jennifer Hitchcock, Aman Singh, and Chance Goldberg.

• Latham & Watkins LLP, with attorneys Richard Kline and Richard Kim, is representing the underwriters.

From Browser-Based Tools to Boardroom Dreams

Figma’s platform — known for enabling collaborative, browser-native design — plays a behind-the-scenes role in powering apps like Netflix and Google Maps, serving over 13 million active users as of March 31, according to the SEC filing.

Figma said the IPO proceeds will go toward repaying outstanding debt and making capital-preservation investments, including short-term investment-grade securities.

The company emphasized its edge lies in supporting the entire software lifecycle, allowing rapid rollout of new products on its browser-first architecture — a nod to its adaptability in an ever-evolving tech landscape.

From Merger Mayhem to Market Moment

Figma's IPO launch follows a dramatic saga in 2023, when it and Adobe mutually agreed to terminate their $20 billion merger following stiff resistance from global regulators who viewed Figma as a direct competitor to Adobe's design suite.

While the deal’s demise could have been a death knell for a lesser firm, Figma instead is pressing forward with one of the most anticipated IPOs of 2025 — proving it can command the public markets on its own.