A company that sells fashionable medical scrubs is going public.
FIGS has filed to raise $100 million through an initial public offering. It didn’t disclose how many shares it would offer or their price range. That will come with future filings. The $100 million, considered a placeholder, also will change with more information. The company will trade on the New York Stock Exchange under Fintech Zoom FIGS, a prospectus said.
are lead underwriters on the deal.
FIGS, founded in 2013 by co-CEOs Heather Hasson and Trina Spear, is looking to transform the medical apparel industry. The company sells more fitted scrubs—for men and women—made of its proprietary fabric FIONx, which provides four-way stretch and has anti-odor, anti-wrinkle and moisture-wicking properties. Both the tops and bottoms have easy-to-access zippered pockets that can hold everything from stethoscopes and scissors to smartphones and ID badges.
Tops sell for $38, pants for $48 and kits, which include pants and tops, for $86. A short, white women’s lab coat can go for $98; a long one costs $118. FIGS also sells masks, face shields and scrubs.
Hospitals, medical offices, clinics and laboratories still require their employees to wear scrubs and lab coats. About 85% of all medical professionals buy their own uniforms. Consequently, healthcare apparel is considered nondiscretionary and recession resistant.
This has helped FIGS to flourish. Active customers more than doubled to 1.3 million in 2020 from 600 million in 2019. The Santa Monica, California, company is profitable. Net income rocketed by 443% to $49.8 million in 2020 from $112,000 in 2019, the prospectus said. Revenue more than doubled to $263 million last year. It has 202 employees.
Tull is the former chairman and CEO of Legendary Entertainment, the Hollywood studio that made “Pacific Rim” and “The Great Wall.” Dalian Wanda Group acquired Legendary Entertainment for $3.5 billion in 2016.
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