FIGS Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

FIGS, Inc. (FIGS) has successfully completed its initial public offering of 30,344,317 shares of Class A common stock, inclusive of an underwriters’ option for an additional 3,957,954 shares, priced at $22.00 per share. The offering was structured with FIGS issuing 4,636,364 shares, while Tulco, LLC, the largest stockholder, sold 25,707,953 shares. FIGS did not receive proceeds from Tulco's share sale. Trading commenced on the New York Stock Exchange on May 27, 2021 under the ticker symbol 'FIGS.'

Positive

• Successful completion of IPO
• Shares priced at $22.00, indicating strong market demand
• Increased liquidity for the company

Negative

• Substantial share sales by largest stockholder, which may dilute existing shareholders

FIGS, Inc. (FIGS), a direct-to-consumer healthcare apparel and lifestyle brand founded by Heather Hasson and Trina Spear, today announced the closing of its initial public offering of 30,344,317 shares of its Class A common stock, including the full exercise of the underwriters’ option to purchase an additional 3,957,954 shares of Class A common stock, at a price to the public of $22.00 per share. FIGS sold 4,636,364 shares of Class A common stock and Tulco, LLC (Tulco), FIGS’ largest stockholder, sold 25,707,953 shares of Class A common stock. FIGS did not receive any proceeds from the sale of the shares by Tulco. The shares began trading on the New York Stock Exchange on May 27, 2021 under the ticker symbol “FIGS.”

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC acted as lead book-running managers for the offering. BofA Securities, Inc. acted as a book-running manager for the offering. KeyBanc Capital Markets Inc., Piper Sandler & Co., Oppenheimer & Co. Inc., Guggenheim Securities, LLC, Cowen and Company, LLC, Telsey Advisory Group LLC, Samuel A. Ramirez & Company, Inc., Academy Securities, Inc., R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC acted as co-managers for the offering.

A copy of the final prospectus may be obtained from: Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attn: Prospectus Department, Telephone: (866) 471-2526, Email: prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue Edgewood, New York 11717, Telephone: (888) 603-5847, Email: Barclaysprospectus@broadridge.com; and Credit Suisse Securities (USA) LLC, Attn: Credit Suisse Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: (800) 221-1037, Email: usa.prospectus@credit-suisse.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on May 26, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About FIGS

FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals. We create technically advanced apparel and products for healthcare professionals that feature an unmatched combination of comfort, durability, function and style. We market and sell our products directly through our digital platform to provide a seamless experience for healthcare professionals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210601006076/en/

FAQ

What was the issue price of FIGS shares during the IPO?

The issue price of FIGS shares during the IPO was $22.00.

How many shares of FIGS were sold in the initial public offering?

A total of 30,344,317 shares of FIGS were sold in the initial public offering.

When did FIGS start trading on the New York Stock Exchange?

FIGS began trading on the New York Stock Exchange on May 27, 2021.

Who were the lead underwriters for the FIGS IPO?

Lead underwriters for the FIGS IPO included Goldman Sachs, Morgan Stanley, Barclays, and Credit Suisse.

What is the significance of Tulco, LLC selling shares in the FIGS IPO?

Tulco, LLC's sale of 25,707,953 shares may lead to dilution of existing shareholders' equity.