Market history · New issues ·
Figma more than triples on its first day
Figma, the design-software company, listed on the New York Stock Exchange on 31 July 2025. Its shares rose about 250% on the first day of trading, giving it a market value of more than $45 billion at the close.
The first-day jump was followed by a retreat: CNBC reported that the stock sank in the days after the debut. A first-day jump on this scale means the offer price left a great deal of value on the table for those who bought at it, and that investors who bought after the listing paid much more.
It is a common pattern in new issues, studied for decades: the biggest gains on day one often go to those allocated shares at the offer price, not to those buying in the market afterwards.
The takeaway
Who gets allocation at the offer price matters. An investor buying after the first day is in a different position from one buying at pricing.
Sources
This is a retrospective about a past event, provided for general information. It is not investment advice, does not describe RockLake's positioning at the time, and past performance is not a guide to future performance. Read the risk warning.