Investors cash in as design firm goes public after takeover dreams dashed

Figma is offering 36,937,080 shares of Class A common stock at $33 apiece, in an initial public offering that values the web design tool developer at $19.3 billion.

The offering consists of 12,472,657 shares of Class A common stock from Figma and 24,464,423 shares of Class A common stock from existing stockholders.

The valuation in cash and stock is a little less than the $20 billion Adobe was going to spend acquiring the company before regulators stepped in and the deal was dropped. "It's not the outcome we hoped for," Figma CEO Dylan Field said of the failed deal, though the IPO will likely cushion the blow somewhat.

Figma sent out its IPO prospectus a month ago and has since revised the proposed price upward. On July 21, it put the price in the range of $25 to $28 per share. By ...