The shares of software design company, Figma, are ready to open at more than triple their $33 IPO price today, which suggests a likely valuation that nears $59 billion.
The success follows a $20 billion Adobe buyout deal that fell through in December of the last two years. The IPO, which is valued at more than its revised range, formerly valued the company at $19.34 billion.
The U.S. IPO market was revived by AI-driven tech firms and strong demand for high growth, which had experienced a slow pace amid tariff concerns at the beginning of the year.
The software design company is popular for its collaborative design tools for companies like Airbnb, Netflix, and Duolingo, and has the backing of Sequoia Capital and Kleiner Perkins. Sequoia Capital, which is known for investing early in Figma’s Series C round at $1.10 per share, is positioned for a huge comeback.
The upbeat IPO aligned with the larger market momentum, as the stellar profits of Microsoft raised the confidence of Big Tech and moved indexes to new record highs, which suggested renewed investor eagerness for innovation-driven listings.
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