Public listings from confidential filing to first earnings call.
Figma priced at $33 on July 31, 2025 — above a range it had already raised — and roughly doubled on debut, capping a two-year journey from a killed $20 billion acquisition.
An IPO price is set in a single 48-hour negotiation between bankers and institutions — and the first trade often happens 40 percent away from it. Here is the machinery.
Circle priced at $31 in June 2025, above its raised range — then more than doubled on day one, and spent the rest of the year proving the float could hold.