Figma, the design and collaboration software company, made a notable debut on the New York Stock Exchange (NYSE) with its initial public offering (IPO) priced at $33 per share. On its first day of trading, Figma's stock surged approximately 250%, reaching a peak price above $115 and valuing the company at nearly $68 billion. This performance marked one of the largest venture-backed tech IPOs by market capitalization since Rivian's 2021 debut. The IPO attracted significant investor interest, including a purchase of 60,000 shares by Cathie Wood's Ark Invest. Despite the strong initial gains, Figma's shares experienced a sharp decline in the days following the IPO, dropping as much as 27.4% to around $88.60, which still represented a gain of about 160% above the IPO price. This pullback resulted in a market value decrease of approximately $11 billion from the peak valuation. The IPO was notable partly because Adobe's planned $20 billion acquisition of Figma was halted due to antitrust concerns, leading Figma to pursue a public offering instead. Early investors, such as Index Ventures, realized substantial returns, with the firm turning an $86.5 million investment into a stake worth nearly $6 billion post-IPO. Figma’s CEO Dylan Field, a former Thiel fellow, saw his stake valued at around $6.6 billion after the IPO. The company's IPO pricing strategy aimed to include long-term institutional shareholders, which influenced the $33 per share price point. The IPO has reignited enthusiasm in the tech listing market, although the stock's volatility post-debut highlights ongoing investor caution. Figma's fully diluted valuation after the initial trading week exceeded $70 billion, underscoring its status as a major player in the software sector.