KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Historic First-Day Surge
Figma Inc. delivered one of the most spectacular debuts in IPO history, with shares closing 250% above their $33 offering price at $115.50. This marked the first time a company raising over $500 million in an IPO tripled its stock price on day one, surpassing Circle’s 168% gain earlier this year and Palm’s 150% jump back in 2000. At its intraday peak of $124.63, Figma’s market cap briefly touched nearly $70 billion, a sharp rise from its $19.3 billion IPO valuation.
“Bellwether Event” for the Tech Sector
Analysts are calling Figma’s listing a pivotal moment for the software-as-a-service (SaaS) market. PitchBook’s Derek Hernandez described the company as a “generational SaaS player” with a near-monopolistic grip on the product design space, having systematically displaced rivals like Adobe XD and Sketch. The record-breaking IPO is also expected to reignite the pipeline for private tech firms eyeing public listings, with names like Canva, Databricks and Genesys Cloud Services now under investor watch.
IPO Mechanics and Investor Appetite
Proceeds Raised: $1.22 billion
Shares Sold: 36.94 million
Company vs. Secondary Offering: Figma raised $411.7 million directly; existing shareholders sold $807.3 million worth of stock
Global Reach: 13 million monthly active users; products used by 95% of Fortune 500 companies; more than half of revenue generated outside the U.S.
What’s Driving the Valuation?
Investors are betting on Figma’s consistent growth trajectory, supported by strong international expansion and entrenched enterprise adoption. Its collaborative, cloud-native platform has become the de facto standard in digital product design, creating high switching costs for customers. The company’s ability to displace Adobe’s design suite highlights its disruptive potential, while its 46% YoY revenue growth in Q1 underscores a scalable model.
Implications for the IPO Market
Figma’s debut sends a clear signal: investor appetite for high-quality SaaS names is back. The success could encourage other late-stage startups to accelerate listing plans, particularly as public markets reward profitability and dominant market share in enterprise software.
Investor View: Figma’s IPO performance highlights strong demand for best-in-class SaaS companies with global scale. While the stock’s valuation premium raises questions on sustainability, its entrenched position in the design ecosystem and long runway for growth make it a critical watch for tech-focused portfolios.
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