... [+]Medical uniform maker Figs’ debut on the New York Stock Exchange on Thursday, at a $3.4 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 16,625,000 shares, or nearly a fifth of its stake, in the IPO—pocketing $365 million, pretax, and reducing its ownership of Figs to 47%. The stock began trading at $22 and rose to $28 by 12:00 pm ET.
“I like simple propositions,” Tull, whose Tulco Labs focuses on streamlining bulky, old-fashioned industries through technology,