Interface design software company Figma made a stellar debut on the public markets on Thursday, with its stock soaring more than 3x its IPO price of $33 to close at $115.50 per share.

Figma’s IPO valued the company above $19 billion on a fully diluted basis. It raised about $1.2 billion for the company and investors who cashed out on shares, making it the biggest venture-backed tech IPO since 2021, according to Renaissance Capital.

Design-software company Figma’s stock rocketed 250% above its initial public offering price, and was headed for the largest ever first-day gain, after an IPO had raised more than $500 million.