Enterprise design startup Figma has entered the next step of its IPO journey.
Figma announced Monday it is kicking off its IPO roadshow. The company plans to offer more than 36 million shares of class A stock that are expected to be priced between $25 and $28 a share. This offering includes a mix of primary and secondary shares and would allow the company to raise around $1 billion.
The company is expected to price its IPO the week of July 28.
If the company prices its shares in the middle of its range, it will garner a market value of $15.9 billion, according to Renaissance Capital.
That valuation is less than the $20 billion that Adobe offered to acquire Figma for in September 2022, but more than the company’s last private valuation of $12.5 billion, according to PitchBook data.
Figma initially filed its intent to go public back in April.
The company was founded in 2012 by Dylan Field and Evan Wallace. To date, it’s raised more than $740 million in venture capital from firms, including Andreessen Horowitz, General Catalyst, and Sequoia, and others.
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Figma declined to comment.