When Figma announced its initial hoped-for price range on Monday ($25-$28), it also revealed an unusual decision for its highly anticipated IPO.
It will allow existing shareholders to sell more shares than the company plans to sell, by a high ratio. The company plans to offer about 12.5 million shares. Yet existing shareholders will be allowed to cash out of nearly 24.7 million shares, it said.
In addition, should this IPO be as hot as everyone thinks it will be, existing shareholders will get the option to sell, collectively, up to 5.5 million more shares.
Figma founder CEO Dylan Field has disclosed that he plans to sell 2.35 million shares. At the midrange he’ll be cashing out of over $62 million. (That might be a much higher number if the IPO prices above $28, too.)
Even with that sale, he will still own an enormous number of shares and control the company. He will hold 74% of the voting rights after the IPO. This is thanks to supervoting rights of 15 votes per share for the Class B stock he controls, plus the right to vote the Class B shares of his co-founder, Evan Wallace, the company says in its S-1.
