Figma’s IPO popped >150%, which means they technically left $650M on the table • IPO priced at $33, opened at ~$85, now at ~$105. • 37M shares sold of which 12.5M were primary • If IPO was priced at $85, Figma would have $650M more cash (and still a healthy 20-25% pop). • But with a market cap now more than 2.5x expectations, doubt they care too much about the “lost” cash

here's what I wrote 5 yrs ago about why IPOs tend to pop