Figma
shares dropped 23% on Monday, cutting into the gains the design software company posted after hitting the market last week.
The stock dropped $27.50 to $94.50 as of mid-day. That’s down from a close of $122 on Friday.
Figma and top stockholders sold about 37 million shares at $33 per share late Wednesday, yielding around $412 million in proceeds flowing to the company. On Thursday, its first day of trading on the New York Stock Exchange, the stock more than tripled.
The initial reception shows a renewed appetite on Wall Street for high-growth technology companies after a historically slow stretch for IPOs.
