FIGS, a premium medical scrubs and healthcare apparel brand, raised $580 million by offering 26.4 million shares (82% secondary) at $22, above the range of $16 to $19. The offering contained 3.9 million more shares than anticipated; the selling shareholders sold 5.1 million more shares than expected, while the company offered 1.2 million fewer shares. At pricing, the company commands a fully diluted market value of $4.3 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 plans to list on the NYSE under the symbol FIGS. Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, and BofA Securities acted as lead managers on the deal.
