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IPO Report: Figs prices IPO at $22 a share, valuing company around $4.4 billion

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The company valuation has been updated to reflect fully diluted shares.

Healthcare apparel company Figs Inc. priced its initial public offering at $22 a share Wednesday night, well above its expected range, valuing the company around $4.4 billion on an equity basis, taking into account fully diluted shares.

Figs also expanded its stock offering, increasing the number of shares sold from 22.5 million to 26.4 million, raising nearly $581 million. Shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker “FIGS.”

It had expected to price between $16 and $19 a share.

Read more: Figs IPO: 5 things to know about the healthcare apparel company before it goes public

There are 15 banks underwriting the deal, led by Goldman Sachs and Morgan Stanley. 

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