FIGS Surges In IPO Debut

Los Angeles-based FIGS, which makes medical scrubs and other apparel, has surged in its IPO debut, pricing on Wednesday night at $22 a share, and ending Thursday up 36% in its debut to 30.02. The IPO raised $1.02 billion for the company, and values the company at more than $4.6 billion. The IPO priced above an earlier estimated IPO price of $16.00 to $19.00 per share. FIGS was started in 2013, raising a seed funding worth only $2M from Crocs, Mohr Davidow Ventures, 500 Startups, Karlin Ventures, and others. The company’s Co-CEOs are Heather Hasson and Trina Spear. The company’s largest shareholder at IPO was Tulco LLC, with smaller stakes held by Viking Global Opportunities Illiquid Investments Sub-Master LP and the Commonwealth of Pennsylvania, Public School Employees’ Retirement System.