Scrubs maker FIGS soars in healthy market debut

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Shares of FIGS surged more than 35% from their initial public offering price of $22 in their market debut. At a price of around $30, the company was valued at nearly $6 billion.

In another sign of how strong demand was, FIGS priced its IPO above its expected range and sold more shares than planned.

FIGS is also making history as the first IPO that allowed Robinhood customers to get the stock at the IPO price as opposed to waiting to buy if after it began trading.

FIGS, unlike many other startups that have gone public in recent years, is also profitable. The company reported net income of $58 million in 2020 and earnings of $16 million in the first quarter of 2021 as its sales and customer base both more than doubled.

The company, which touts its scrubs as being more fashionable and comfortable than standard- issue medical apparel, also said in its SEC filing that is benefiting from the fact that “healthcare apparel purchasing has shifted from institutions…

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