Design tool platform Figma’s stock surged 250% in its New York Stock Exchange debut Thursday, opening at $85 after pricing shares at $33.
The stock peaked at $115.50, closing with a $68 billion market cap. This marks a strong return for tech IPOs after a two-year lull.
Founded in 2012, Figma offers collaborative design software for apps and websites, and counts Google, Microsoft, and Netflix among its clientele.
The company posted ~$250 million in Q2 revenue, growing sales by 40% year over year.
CEO Dylan Field emphasized staying mission-focused despite market excitement. The IPO raised $1.2 billion, mostly benefiting early investors like Sequoia Capital, Greylock Partners, Index Ventures and Kleiner Perkins.