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.

The company is well on its way to generating $1 billion of revenue in 2025 with steady profits a possibility too.

While investors are closely watching the evolving competitive dynamics with Adobe (NASDAQ: ADBE) and Canva, DA Davidson believes Figma “has a strong argument to remain a category leader” due to its “key role in product management workflows, collaboration capabilities, and partner ecosystem.”

Figma Inc. is running its IPO more like an auction than a traditional listing, in an effort to wring the most out of its highly anticipated public debut.

The company now expects shares to go for $30 to 32 each, up from the range of $25 to $28 that it disclosed on July 21. The new range, announced in a regulatory filing, suggests Figma would be worth $17.6 billion to $18.8 billion on a fully diluted basis.

Do you want to buy the new Figma IPO shares? Follow the guide to know how and when of the process and how you can be a part of it.