Latham & Watkins Advises FIGS on Upsized IPO

FIGS, Inc. (FIGS), a direct-to-consumer healthcare apparel and lifestyle brand founded by Heather Hasson and Trina Spear, has announced the pricing of its upsized initial public offering of 26,386,363 shares of its Class A common stock at a price to the public of US$22 per share. FIGS is offering 4,636,364 shares of Class A common stock and Tulco, LLC (Tulco), FIGS’ largest stockholder, is offering 21,749,999 shares of Class A common stock. The underwriters have a 30-day option to purchase an additional 3,957,954 shares of Class A common stock from Tulco at the initial public offering price, less underwriting discounts and commissions. 

FIGS will not receive any proceeds from the sale of the shares by Tulco. The shares are expected to begin trading on the New York Stock Exchange on May 27, 2021 under the ticker symbol “FIGS.” The closing of the offering is expected to occur on June 1, 2021, subject to satisfaction of customary closing conditions.

Latham & Watkins LLP represents FIGS in the offering with a capital markets team led by New York partners Marc Jaffe, Ian Schuman, and Alison Haggerty, with New York associates Thomas Gabay and Ian Lachow. Advice was provided on benefits and compensation matters by Los Angeles/Orange County partner Michelle Carpenter, with Los Angeles associates Rachel Narowski and Vanessa King; on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Rene de Vera, with Chicago associate Chris Ohlgart; on intellectual property matters by New York partner Jeffrey Tochner, with New York associate Max Miroff; on data privacy and security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate Jimmy Smith; and on public company representation matters by Chicago counsel Andra Troy, with New York associate Jamie Conn.