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CNBC’s Jim Cramer on Tuesday reviewed Figma, a design software company set to go public this week. Although he said he likes Figma’s underlying business, he’s hesitant to recommend the stock right away because it might quickly become too expensive.
“There’s a lot to like about Figma, the company, but it’s already coming public at a pretty expensive level,” he said. “And if the stock roars right out of the gate — I’m going to tell you — it’ll be too pricey for me, even as I think the company’s got a tremendous product at a very reasonable price.”
Figma is among the most valuable privately-held technology companies. On Monday, the outfit upped the expected price range for shares in its initial public offering, forecasting a range of $30 to $32 per share instead of $25 to $28. The new range would value Figma at $17.6 billion to $18.8 billion — which is below the $20 billion Adobe
offered in a deal to buy the outfit in 2022. The two companies scrapped the acquisition a year later after pushback from regulators.
