Figma 's stock more than tripled in its New York Stock Exchange debut on Thursday, a day after the design software company sold shares at $33 in its IPO.
The big opening pop is the latest indication that the tech IPO market has reopened following a multi-year lull that began in early 2022, when inflation was soaring and interest rates were on the rise. So far this year, online bank Chime , stablecoin issuer Circle and artificial intelligence infrastructure provider CoreWeave have hit the market, along with health-tech companies Hinge Health and Omada Health .
Figma's first trade at $85 valued the company at about $50 billion. The stock, trading under ticker symbol FIG, was halted after it soared past $112.
In 2022 Adobe agreed to acquire Figma for $20 billion, but the deal fell apart in 2023 after U.K. regulators said the tie-up would likely harm competiiton. Led by 33-year-old CEO Dylan Field, Figma makes web-based software that allows people to collaborate on slide decks, digital whiteboards and designs for apps and websites.
Field told CNBC's "Squawk Box" on Thursday that regardless of what happens with the market debut, the company has to "stay focused, stay on mission, listen to our customers and really keep our priorities in mind."
"The most important thing to remind myself of, the team of, is share price is a moment in time," said Field, whose stake in the company is worth over $4.5 billion based on the opening price. "We're going to see all sorts of behavior probably today, over the weeks ahead."