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Figma (NYSE:FIG) shares erupted like a volcano during its initial public offering on Thursday.
Just moments after appearing on the New York Stock Exchange at 2 p.m. EDT shares surged more than 200% to more than $105 each. Its NYSE debut has given the design software maker a value of more than $50B.
On Wednesday, the design and product development platform priced its IPO at $33 per share, which was $1 above the top end of its expected range.
Just two years ago, Figma was in the process of being acquired by Adobe (NASDAQ:ADBE) for $20B, but the deal fell apart due to regulatory scrutiny.
Figma has experienced strong growth, with millions of users and high adoption rates, including utilization by 95% of Fortune 500 companies. The company is profitable and continues to expand its offerings, particularly in the area of artificial intelligence.