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After years of dismal performance in terms of IPOs, investors' enthusiasm around IPOs is reignited by the high-profile debut of Design software startup Figma, which stock price more than tripled in its first day of trading on the New York Stock Exchange.
Until recently, there’s been little reason to celebrate. From late 2021, when soaring inflation and aggressive rate-hiking campaign from the Fed pushed investors away from risky assets, until the middle of 2025, tech IPOs were few and far between.
Related data indicates that after a record year in 2021, which saw 155 U.S. venture-backed IPOs raise $60.4 billion, every year since has been relatively dismal. There were 13 such offerings in 2022, followed by 18 in 2023 and 30 last year, collectively raising $13.3 billion.
But the sentiment is abruptly and noticeably reversed since May following a slew of bright spots in IPO market. CoreWeave, a provider of artificial intelligence infrastructure, is now almost triple its IPO price, closing on Thursday at $114.13.
Stablecoin issuer Circle went public in June, and is the other tech IPO that’s generated hefty returns for VCs recently. The shares were initially sold at $31 each and are now trading at over $183, leaving investment firms IDG Capital, General Catalyst, Accel and Breyer Capital with a combined stake of close to $12 billion. Circle doubled on its first day of trading.
Maybe design software startup Figma is most high-profile IPO which hits the market. Figma has emerged as a leader in web-based tools for designing apps and websites, with investors convinced that Figma has the potential to fundamentally reshape how digital products would be designed, which shares soared 250% in its debut on the NYSE, wrapping up the week with a fully diluted market cap above $71 billion. The investors regard that Figma’s IPO represented not only a massive valuation markup for the company, but served as a banner event for Silicon Valley, which has seen a dearth of high-profile IPOs since the market has struggled in early 2022 due to soaring inflation and rising interest rates. The outperformance of IPOs obviously signals a renewed appetite on Wall Street for high-growth technology companies after a historically slow stretch for IPOs. Maybe the Figma offering will open the floodgates.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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