Design-software company Figma Inc. priced its initial public offering at $33 a share late Wednesday, raising more than $1.2 billion.

The listing valuation comes to close to the $20bn Adobe offered to buy Figma in 2022 — a deal that collapsed after a year due to regulatory concerns — and well above the $12.5bn the group was valued at last year as part of a sale of employee stock.

In what should be a surprise to no one, Figma priced its IPO shares above its already increased previously announced range.