On-line scrubs vendor Figs soars 36% in inventory market debut

Shares of on-line scrubs vendor Figs are hovering of their inventory market debut, valuing the 8-year previous firm at $4.8 billion

Heather Hasson and Trina Spear based based the corporate in 2013, getting down to remake what medical scrubs appeared like: from saggy and V-necked to a extra fitted silhouette in several types.

The corporate goals to decorate well being care employees from head to toe, promoting underwear, socks and fleece jackets that go together with its scrubs. It has additionally partnered with New Steadiness to promote a line of sneakers.

Final yr, Fig’s income greater than doubled to $263 million from the yr earlier than. Its revenue soared to $49.7 million from $112,000 in 2019.

Figs, which is predicated in Santa Monica, California, raised greater than $580 million in its preliminary public providing, promoting practically 26.4 million shares at $22 apiece. Hasson and Spear are co-CEOs.

The IPO is the primary to be bought on inventory buying and selling app Robinhood, giving common individuals a approach to purchase shares in an IPO. Sometimes, solely Wall Avenue insiders should buy into corporations earlier than they turn into public, though there have been some exceptions.

Figs mentioned it teamed up with Robinhood in order that well being care employees might have a option to personal a chunk of the corporate.

“To have the ability to give entry to an entire group of individuals in our group was actually vital to us,” mentioned Spear.

Shares of Figs, that are buying and selling on the New York Inventory Alternate below the ticker image “FIGS,” rose $7.22, or 33%, to $29.22 in afternoon buying and selling Thursday.

Hasson mentioned she named the corporate after her favourite fruit, impressed by different manufacturers with fruits of their identify.

“I considered actually profitable corporations,” she mentioned. “Lululemon — fruit; Apple — fruit.”

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AP Enterprise author Alex Veiga in Los Angeles contributed to this story.

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