Figma’s Dylan Field will cash out about $60M in IPO, with Index, Kleiner, Greylock, Sequoia all selling, too

Figma has stirred excitement in the market with its upcoming initial public offering (IPO), announcing a price range of $25 to $28 per share. A noteworthy aspect of this IPO is the company's decision to allow existing shareholders to sell significantly more shares than what Figma itself intends to offer. The company is set to release approximately 12.5 million shares, but existing shareholders will have the opportunity to sell nearly 24.7 million shares. Furthermore, if the IPO garners substantial interest, these shareholders could collectively unload an additional 5.5 million shares. Dylan Field, the co-founder and CEO of Figma, has revealed plans to sell 2.35 million of his shares during the IPO, which could net him over $62 million at the mid-range price. This figure could increase if the shares price above $28. Notably, even after this sale, Field will retain a significant amount of control, maintaining 74% of the voting rights thanks to the supervoting structure of his Class B stock and his ability to vote his co-founder's shares. Prominent venture capital firms, including Index, Greylock, Kleiner Perkins, and Sequoia, are also set to cash in by selling portions of their holdings. Depending on demand, these firms could offload between 1.7 million to 3.3 million shares each, providing a much-needed liquidity boost in a challenging market for venture capital. It's important to note that Figma itself will not benefit financially from these share sales by existing investors, but should the IPO price exceed the anticipated range, both the company and its shareholders stand to gain significantly. Analysts suggest that Figma could potentially raise around $1.5 billion. If the pricing surpasses expectations, this IPO could become the largest of 2025 so far. The event is anticipated to take place next week, and Figma has opted not to provide further comments at this time.