May 20 (Reuters) - FIGS Inc is aiming for a valuation of more than $3 billion in its U.S. initial public offering (IPO), as the maker of medical scrubs, face masks and shields sees a jump in demand for its products during the COVID-19 pandemic.
The company said it plans to sell about 5.9 million Class A shares priced between $16 and $19 each, while existing investors will sell about 16.6 million shares. The offering will raise about $427.5 million at the top end of that range.
Founded in 2013 by Heather Hasson and Trina Spear, FIGS makes medical apparel aimed at combining style with comfort, sold under the tagline, “why wear scrubs, when you can wear FIGS?”
The idea for the company came to Hasson when she was grabbing coffee with a friend and nurse practitioner, who spent 16-hour days wearing “boxy, scratchy, uncomfortable scrubs”.
FIGS sells scrubs in different styles including “skinny scrub” pants and “oversized” scrub tops and those with multiple pockets.
With the onset of the COVID-19 outbreak last year, the company ramped up production to meet the needs of frontline workers. It reported a 138% jump in 2020 revenue and a profit of $57.9 million, compared with a loss a year earlier.
Los Angeles-based FIGS, which is backed by billionaire businessman and filmmaker Thomas Tull and once had Hollywood actor Will Smith as an investor, will list its stock on the New York Stock Exchange under the symbol “FIGS”.
Goldman Sachs & Co, Credit Suisse, Morgan Stanley, Barclays and BofA Securities are among underwriters for the offering. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Ramakrishnan M.)