Shares of the Santa Monica, Calif., company ended up 46% to $32.11. The stock opened at $28.30.
Figs, which has about 200 employees, said in a statement Wednesday that it sold 26.4 million shares at $22. The estimated IPO price had been $16 to $19 a share. The valuation is about $6 billion.
Figs offered 4.6 million shares and its largest holder, the Pittsburgh tech investor Tulco, offered 21.7 million. Tulco gave the underwriters an option on another 4 million shares.
The company said it markets and sells 98% of its products through its digital platform, consisting of a website and mobile app, "to a rapidly growing community of loyal customers."
"We generate revenue by selling technically advanced apparel for the modern health-care professional," the company said in a regulatory filing.
"Our offerings include scrubwear, as well as lifestyle apparel and other offerings, such as lab coats, underscrubs, outerwear, activewear, loungewear, compression socks, footwear, masks and face shields."
Figs’ offering is the first to sell directly to retail investors through Robinhood's online brokerage platform. Robinhood said last week that the platform, IPO Access, will roll out gradually over the coming weeks.
The company said that it set aside up to 1% of the deal for Robinhood users.
"The Figs IPO is good news for Robinhood users, as Figs is the best looking IPO we’ve seen so far in 2021," David Trainer, CEO of New Constructs, said in a research note.
"In other words, Robinhood is not only providing users access to an IPO, it also appears to be curating this offering to ensure it offers higher quality IPOs."
Figs said that it had 1.5 million active customers as of March 31. Net revenue totaled $263.1 million for 2020, more than double (up 138%) the previous year.
"We believe the growth in our net revenues per active customer demonstrates our increasing value proposition for our customer base," the company said.
The filing said that the COVID-19 pandemic "has magnified the indispensability of health-care professionals."
"We believe the pandemic has accelerated the awareness of the FIGS brand and a shift in purchasing decisions that will continue to drive future growth," the filing said.
"However, there can be no assurance that these trends will continue and the ultimate impact of the pandemic remains uncertain."