FIGS, a medical scrubs and healthcare apparel brand, announced terms for its IPO on Thursday.
The Santa Monica, CA-based company plans to raise $394 million by offering 22.5 million shares (74% insider) at a price range of $16 to $19. Insider Viking Global and new investor Franklin Templeton intend to purchase $60 million and $40 million worth of shares in the offering, respectively. At the midpoint of the proposed range, FIGS would command a fully diluted market value of $3.4 billion.
FIGS is a direct-to-consumer healthcare apparel brand that seeks to create technically advanced products that provide comfort, durability, function, and style. The company's medical scrubs use a proprietary fabric, called FIONx, which has four-way stretch, anti-odor, anti-wrinkle, and moisture-wicking properties. The company claims to have branded a previously unbranded industry. From 2017 to 2020, FIGS grew revenues at a CAGR of 146% to $263 million, with Adjusted EBITDA of $69.1 million in 2020.
FIGS was founded in 2013 and booked $318 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol FIGS. Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
