Figma (NASDAQ: FIG) is set to go public on July 30. For the design software star, the public offering represents a long and winding path since Adobe 's (NASDAQ: ADBE) $20 billion acquisition of the company was blocked in 2023 over regulatory pushback that the deal would suppress competition in the design software industry.

Figma Inc.’s US initial public offering is approaching 40 times oversubscribed, according to people familiar with the matter, as the design and collaboration software company heads for what could be the year’s most in-demand listing.

Figma may lead the way for other software companies including Genesys, Canva and Databricks to conduct multibillion-dollar deals, one analyst said.