Investors cheered FIGS Inc. on their Wall Street debut, as the stock opened Thursday 28.6% above the initial public offering price. The apparel and lifestyle company said overnight that its IPO priced at $22 a share, above the expected range of between $16 and $19 a share. The stock’s first trade was at $28.30 at 11:43 a.m. Eastern for 2.4 million shares, which valued the company at $4.57 billion. A total of 26.39 shares were offered in the IPO, with 4.64 million shares offered by the company (down from an expected 5.88 million shares) as it raised $1.02 billion, and with 21.75 million shares offered by its largest shareholder Tulco LLC (up from an expected 16.63 million shares) to raise $478.5 million. The stock has added slightly to gains since the open, to trade recently up 30.4% at $28.70. The company went public on a day that the Renaissance IPO ETF edged up 0.3% and the S&P 500 ticked up 0.3%.
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