☕️ Open the gates

Adobe who? Figma’s IPO leaves many scrambling to list

August 01, 2025

Good morning.

Figma’s IPO was a massacre… for those who managed to cash out early. After regulators iced its US$20 billion sale to Adobe, Figma pocketed the US$1 billion breakup fee and stormed onto the NYSE. Shares exploded 250% on day one, valuing it at US$69 billion. That’s 55 times forward revenue, which is right up there with the likes of Palantir.

It of course shows there’s real appetite for growth, but let’s remember only 8% of shares were floated. Staff who sold at US$23 last year are probably screaming into their beanbags. Now Canva, Klarna, Airwallex and the rest of the unicorn queue have a reason to brush off their S-1s. The window’s open.

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Shares in Champion Iron fell Thursday as Macquarie cut its rating and long-term earnings forecasts on weaker production and rising costs.

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The quick sync

  • Airwallex tracks towards $1bn in revenue as it surges towards an IPO. (Capital Brief)

  • Melbourne-based biotech VC Boson Ventures raises $10m of a target $30m fund, positioning itself as a bridge between Australia and China. (Capital Brief)

  • The High Court launched modern website, switched to LinkedIn and unveiled a national hotline — all part of a broader push to improve public access. (Capital Brief)

  • Macquarie lobbied proxy firms to avoid backlash on executive pay. (AFR)

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Trading floor

M&A

  • Capricorn to buy Mongers Lake gold project for up to $3m. (Capital Brief)

  • Straight Bat buys 50% of Grand Prix fencing supplier 1300TempFence. (AFR)

  • Humm seeks formal $286m takeover bid from TAG by mid-September. (Capital Brief)

  • HMC Capital exits GrainCorp stake, sparking speculation on further asset sales. (The Australian)

  • Wollemi lands $230m REST deal to boost climate investments. (Capital Brief)

  • CardioScan eyes $100m sale, pitches to private equity. (AFR)

  • TPG finalises $5.3b asset sale to Vocus, nets $4.7b cash. (Capital Brief)

  • Keyton bids came in below value amid sale uncertainty. (The Australian)

  • PointsBet rejects Betr’s revised bid, backs MIXI’s cash offer. (Capital Brief)

  • Energy Transition Minerals buys Spanish mine after Greenland spotlight. (AFR)

  • TelstraSuper and Aware Super eye $228b merger by FY26. (Capital Brief)

  • Beach Energy plans acquisitions despite profit hit and project setbacks. (AFR)

  • Salesforce and ServiceNow are each in advanced talks to invest about US$750m in Genesys Cloud Services (Bloomberg)

Capital Markets

  • Microsoft profit jumped as AI demand lifted cloud growth. (Capital Brief)

  • Beach Energy profit rose 30% on higher output, despite Q4 dip and price-related impairment. (Capital Brief)

  • Origin’s LNG revenue fell on lower prices despite higher output. (Capital Brief)

  • Flight Centre cuts profit outlook, partners with Anthropic to boost efficiency. (Capital Brief)

  • AGL approves $800m Tomago battery project, with operations set for 2027. (Capital Brief)

  • Ironbark AM launches $225m raise for wealth advisory acquisitions. (AFR)

  • RBA signals August rate cut likely, stressing policy predictability. (Capital Brief)

  • Santos’ Pikka project nears completion, may start before mid-2026. (Capital Brief)

  • China’s manufacturing dipped in July amid weather and seasonal slowdowns. (Capital Brief)

  • Retail sales rose 1.2% in June, driven by discounts and big-ticket items. (Capital Brief)

  • Export prices fell 4.5% in Q2, led by weaker iron ore and coal demand. (Capital Brief)

  • Gold miners dip as US data and rate hold push gold prices lower. (Capital Brief)

  • VNI West costs double to $7bn, sparking calls to scrap clean energy grid projects. (AFR)

  • Pro Medicus invests $10m in 4DMedical to back lung imaging tech. (Capital Brief)

  • Home values rose 0.6% in July, marking steady national growth. (Capital Brief)

  • Core inflation rose in June, while consumer spending stayed soft. (Capital Brief)

  • NAB hits record business lending in June, regains market share from CBA. (AFR)

  • Google must open Android app store after losing Epic appeal. (Capital Brief)

  • Trump asks Wall Street CEOs for pitches on taking Fannie and Freddie public. (Bloomberg)

VC 

  • Boson Ventures urges Aussie biotech startups to look to China, not just the West. (Capital Brief)

  • Airwallex nears $1b revenue with 94% growth, eyes IPO. (Capital Brief)

People moves

  • ASX compliance chief Daniel Moran resigns after 15 years. (Capital Brief)

  • James Whelan joins Volatility Group to launch wealth arm. (AFR)

  • ANZ taps McKinsey to slim top ranks under CEO Matos’ overhaul. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

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