Medical scrubs maker FIGS Inc. set terms for its initial public offering on Thursday, with plans to offer 22.5 million shares priced at $16 to $19 each. The company has applied to list on the New York Stock Exchange, under the ticker “FIGS.” The company is planning a dual-class structure of Class A and Class B shares, where Class A shares will carry one vote per share, and Class B will carry 20 votes per share. The majority of the Class B shares will be held by co0-founders and co-CEOs Heather Hasson and Trina Spear, and Tulco, LLC, the company’s majority stockholder. There are 15 banks underwriting the deal, led by Goldman Sachs and Morgan Stanley. Proceeds will be used working capital and general corporate purposes. FIGS had net income of $11.4 million in the first quarter, up from $4.1 million in the year-earlier period, its filing documents show. Revenue rose to $87.1 million from $31.9 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
