Updated with initial trading Thursday:

In the latest in a series of blockbuster initial public offerings this year, Figma Inc. Thursday saw its stock price more than triple from its initial offering price before trading was halted.

The graphic design software provider had priced its initial public offering at $33 per share today, a buck above the expected range, raising more than $1.2 billion. The San Francisco-based company and several existing investors sold 36.9 million shares, exceeding the earlier target range of $30 to $32 after strong investor demand prompted a price bump.

The offering price had valued Figma at $19.3 billion, just shy of the $20 billion takeover deal it struck with Adobe Inc. before the deal met with regulatory hurdles in 2023. As part of the failed merger, Adobe paid Figma a $1 billion breakup fee.

Even at its first trade Thursday of $85 a share, the company was valued at a stunning $50 billion. The pop follows similar receptions this week from artificial intelligence chip provider Ambiq Micro Inc., as well as IPOs earlier this year from financial services firm Chime Financial Inc. and stablecoin firm Circle Internet Group Inc.

Founded in 2012, Figma offers graphic design applications that compete directly with Adobe’s Creative Cloud suite. Today, the platform has around 13 million users, most of them nonprofessional designers, and counts 95% of Fortune 500 companies among its enterprise clients.

Figma’s popularity stems partly from its real-time collaboration features, similar to Google Docs, allowing multiple people to edit a project simultaneously. The app also automates repetitive tasks such as resizing text, streamlining the design process.

In the first quarter of 2025, Figma’s revenue grew 46% year-over-year, to $228.2 million, while net income more than tripled, to $44.9 million. The company’s rapid growth is fueled by an ever-expanding product lineup: since 2021, it has launched six new cloud-based tools, including three this year, aimed at speeding up the creation of presentations, advertisements and website designs.

Backed by major Silicon Valley investors Kleiner Perkins and Sequoia, Figma structured its IPO as an auction, inviting investors to bid on both the number of shares and the price they were willing to pay.

The stock is trading on the New York Stock Exchange under the ticker symbol “FIG.” Morgan Stanley, Goldman Sachs, Allen & Co. and JPMorgan Chase led the underwriting of the deal.

Photo: Figma