Inbizzy, Jakarta, Indonesia – U.S. based collaborative design software company Figma has officially announced its initial IPO price range at $25 to $28 per share, marking one of the most highly anticipated public listings of the year. But beyond the buzz of its market debut, Figma’s IPO strategy is drawing attention for its unusually high ratio of secondary share offerings.
Rather than focusing primarily on raising new capital, Figma is providing significant room for existing shareholders to cash out—at a scale that far surpasses the number of new shares being issued by the company.
Secondary Sales Dominate IPO Structure
Out of a total expected offering of around 37 million shares, only 12.5 million shares are new issuances from the company. The remaining 24.7 million shares are being sold by existing shareholders. Should market demand exceed expectations, an additional 5.5 million shares could be sold through an over-allotment option.
This structure positions Figma’s IPO as a largely secondary sale, highlighting both strong investor demand and the intent of early stakeholders to realize partial returns after years of growth.
Dylan Field to Gain Over $60M, Retains Control
Figma CEO and co-founder Dylan Field is set to sell 2.35 million shares, which would net him over $62 million at the midpoint of the price range. Despite the sizable sale, Field will retain control of the company, thanks to Class B shares that carry 15 votes per share, as well as voting rights over co-founder Evan Wallace’s Class B shares.
Post-IPO, Field will maintain 74% of total voting power, securing his leadership and influence over Figma’s long-term direction.
Top Venture Backers Join the Exit Wave
Figma’s IPO is also an important liquidity moment for some of the world’s top venture capital firms, including Sequoia Capital, Greylock Partners, Index Ventures, and Kleiner Perkins. Each firm is expected to sell between 1.7 million and 3.3 million shares. These secondary sales allow them to return capital to their limited partners amid a global venture landscape that has struggled with exits in recent years.
However, each of these investors is retaining the majority of their Figma holdings, signaling continued confidence in the company’s growth potential.
Valuation Could Surpass $1.5 Billion
Initial projections estimate Figma’s IPO could raise around $1.5 billion, with the potential for even more if pricing exceeds the current range. If realized, this would make Figma’s IPO the largest of 2025 so far, and a pivotal moment for the broader tech sector.
A Signal for the Tech Industry’s Recovery
Figma’s IPO could serve as a barometer for the technology market’s health, particularly in the cloud software and collaborative tools sector. In an environment where startup valuations have fallen and major IPOs have been scarce, Figma’s public debut may pave the way for a renewed wave of tech listings.
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