Deals
Figma’s Auction-Like IPO Set Up to Capitalize on Strong Demand
For hot tech IPOs like Figma’s, some investors submit jumbo orders with no specific price limit, in the hope of getting a large allocation.
Photographer: Gabby Jones/BloombergFigma Inc. is running its IPO more like an auction than a traditional listing, in an effort to wring the most out of its highly anticipated public debut.
The San Francisco-based company is asking prospective investors in its initial public offering to precisely state the number of shares they wish to buy and at what price, according to a person familiar with the matter. Figma and some of its backers are seeking to raise as much as $1.03 billion in the listing.