Medical uniform maker Figs’ debut on the New York Stock Exchange on Thursday, at a $4.4 billion valuation, was a big win for investors. No one is smiling more than billionaire Thomas Tull.
Tull—the founder of Legendary Pictures, which he sold to Wang Jianlin's Wanda Group in 2015 for $3.5 billion in cash, stock and debt—was Figs’ majority shareholder before Thursday’s offering. His investment vehicle Tulco, in which he is the majority owner, owned 58% of Figs. Tulco sold 21,749,999 shares in the IPO—pocketing $480 million, pretax. The stock began trading at $22 and rose to $28 by 12:00 pm ET. Forbes estimates that Tull is worth $2.5 billion and that Tulco still owns about 30% of the company.