After changing the healthcare apparel industry as we know it, fashionable scrubs maker FIGS went public Thursday on the New York Stock Exchange. The company’s IPO generated even more buzz earlier this week as Robinhood allowed users to buy the stock before the public debut.
FIGS priced its IPO at $22 per share, well above the expected range, bringing its valuation well into unicorn status, up to $4.4 billion. The company’s co-founders, meanwhile, saw their fortunes climb as a result.
According to our data based on FIGS’ S-1 filing, co-founder and co-CEO Trina Spear owns shares worth $318.9 million, while her fellow co-founder and co-CEO Heather Hasson owns around $350 million in shares, making their combined holdings worth nearly $700 million. Proceeds from the IPO will go towards company expansion, fueled by the growth of the healthcare industry itself.
Spear and Hasson aren’t the only ones whose fortunes have exploded as a result of the IPO. Movie producer Thomas Tull, the largest investor in FIGS, owns shares worth $478 million.
Founded in 2013, FIGS sought to disrupt the $10 billion medical scrubs market by making versions that were well-fitting and comfortable. Spear, a former Wall Street investment banker, and Hasson, an entrepreneur in the fashion industry, linked up to found FIGS after Hasson discovered that most medical professionals were dissatisfied with traditional scrubs. Hasson didn’t come into the medical world by accident — after studying pre-med in college, she moved into fashion before realizing that a friend who was a nurse needed alterations on her scrubs. After doing alterations on more nurses’ scrubs, Hasson realized she had a business idea on her hands.
The pandemic proved to be a boon for the company: Last year, revenue more than doubled to $263 million, while the company made nearly $50 million in profit. FIGS was barely breaking even before that point, despite growing popularity among healthcare professionals. Unlike most apparel industries, healthcare apparel is comparatively fad and recession-resistant, likely boosting confidence among investors.
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