When Figma announced its first desired price range ($25-$28) on Monday, it also revealed an extraordinary decision on the highly anticipated IPO.
This allows existing shareholders to sell more shares than the company plans to sell. The company is planning to provide approximately 12.5 million shares. However, he said existing shareholders will be allowed to cash in nearly 24.7 million shares.
Furthermore, if this IPO is as hot as anyone thinks it will, existing shareholders will get the option to collectively sell up to 5.5 million shares.
Figma founder CEO Dylan Field has revealed that he plans to sell 2.35 million shares. In the midrange, he cashes from over $62 million. (If your IPO is above $28, that could be a much higher number.)
Even in that sale, he still owns a huge number of shares and controls the company. He will retain 74% of his voting rights after the IPO. This is due to his 15 votes of supertee rights per share in Class B stock he manages and his right to vote for co-founder Evan Wallace's Class B stock, the company says in S-1.
All of Figma's biggest venture investors have cashed in some shares, including Index, Greylock, Kleiner Perkins and Sequoia. If there is demand for excessive replacements, they will cash in 1.7 million to 3.3 million shares each. This should allow them to return some cash to investors in the venture market based on this liquidity.
However, it should be noted that each of these investors maintains a share of the lion in Figma Holdings. One way this primarily interprets secondary sales is that if the company did not start selling stocks to existing investors, it may not have sufficient stocks to meet demand.
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As you can imagine, companies don't make money from the stocks that shareholders sell. However, if prices exceed the announced range (as often occurs with Hot IPOs), Figma will increase even further, just like shareholders.
Before pricing, IPO experts were hoping Figma would sell about $1.5 billion worth of stock. If you go beyond the scope and beyond, Figma will be the biggest IPO of 2025. IPOs will appear immediately as they could occur next week. Figma declined to comment further.