Adobe (ADBE) Faces a New Challenge as Figma Pursues $16.4 Billion IPO

Adobe Inc. (NASDAQ:ADBE) is one of the Best Extremely Profitable Stocks to Buy Right NowOn July 21, Reuters reported that Figma is planning to go public with an initial public offering targeting a valuation of up to $16.4 billion.

The report highlighted that the company aims to raise about $1.30 billion by selling nearly 37 million shares, priced between $25 and $28 each. The IPO is expected to be on the New York Stock Exchange under the ticker “FIG” and is backed by underwriters like Morgan Stanley and Goldman Sachs.

Adobe (ADBE) Faces a New Challenge as Figma Pursues $16.4 Billion IPO

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Analysts are seeing this update as a significant one for Adobe Inc. (NASDAQ:ADBE), as it had planned to acquire Figma for $20 billion a year ago; however, the deal collapsed due to regulatory issues in Europe and the UK.

Adobe Inc. (NASDAQ:ADBE) is an international tech company known for its digital solutions for content creation, management, and delivery.

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Disclosure: None. This article is originally published at Insider Monkey.