Figma Inc, a design software company, priced its initial public offering (IPO) at $33 per share, above the initial $30-$32 range, raising $1.2 billion and valuing the company at nearly $19 billion. The IPO was reportedly 40 times oversubscribed. On its debut on the New York Stock Exchange (NYSE) under the ticker $FIG, Figma's shares opened at $85, representing a 158% increase from the IPO price. During the first day of trading, the stock surged as high as $117, gaining over 250% and pushing the company's market capitalization to approximately $68 billion. This marked one of the most dramatic IPO openings in recent years and the largest venture-backed IPO by market capitalization for a U.S. tech company since Rivian in 2021. Notable investors such as Cathie Wood's Ark Invest purchased 60,000 shares during the IPO. The strong debut extended into the following day with shares rising another 20% in morning trading. However, the stock experienced a pullback in the days after the IPO, declining more than 20% and shedding around $11 billion in market value, closing at about $88.60 on Monday, which still represented nearly triple the IPO price. The IPO came after Adobe’s $20 billion takeover attempt of Figma was blocked due to antitrust concerns. CEO Dylan Field, a former Thiel fellow, holds a stake valued at approximately $6.6 billion following the IPO. The company's successful public debut has reignited enthusiasm in the tech IPO market.