By JOSEPH PISANI, AP Retail Author
NEW YORK (AP) — Shares of Figs Inc., which sells scrubs on-line to nurses and docs, soared of their inventory market debut Thursday, valuing the 8-year outdated firm at $4.Eight billion.
Heather Hasson and Trina Spear based based the corporate in 2013, getting down to remake what medical scrubs appeared like: from saggy and V-necked to a extra fitted silhouette in numerous kinds.
At first, Hasson and Spear offered the scrubs from their automobiles exterior hospitals, attempting to catch healthcare staff as they left their shifts at 7 a.m. and seven p.m. Right now, Figs sells its items on-line, and affords scrub bottoms that appear to be joggers and tops which are sleeveless.
The corporate goals to decorate healthcare staff from head-to-toe, promoting underwear, socks and fleece jackets that go together with its scrubs. It has additionally partnered with New Stability to promote a line of sneakers.
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Final yr, the Fig’s income greater than doubled to $263 million from the yr earlier than. Its revenue soared to $49.7 million from $112,000 in 2019.
Figs, which relies in Santa Monica, California, raised greater than $580 million in its preliminary public providing, promoting almost 26.Four million shares at $22 apiece. Hasson and Spear are co-CEOs.
The IPO is the primary to be offered on inventory buying and selling app Robinhood, giving common folks a means to purchase shares in an IPO. Sometimes, solely Wall Avenue insiders can purchase into corporations earlier than they develop into public, though there have been some exceptions.
Experience-hailing apps Uber and Lyft gave their drivers a means to purchase IPO shares. And on-line market Etsy let its customers get a bit of its IPO.
Figs stated it teamed up with Robinhood in order that healthcare staff may have a technique to personal a bit of the corporate.
“To have the ability to give entry to an entire group of individuals in our group was actually essential to us,” stated Spear.
Shares of Figs, that are buying and selling on the New York Inventory Trade beneath the ticker image “FIGS,” rose $7.22, or 33%, to $29.22 in afternoon buying and selling Thursday.
Hasson stated she named the corporate after her favourite fruit, impressed by different manufacturers with fruits of their identify.
“I considered actually profitable corporations,” she stated. “Lululemon — fruit; Apple — fruit.”
AP Enterprise author Alex Veiga in Los Angeles contributed to this story.
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