Figma Inc. is taking a unique approach to its IPO by running it like an auction instead of a traditional listing, aiming to maximize its public debut. The San Francisco-based company is looking to raise up to $1.03 billion through this method, which has seen success with tech companies like DoorDash Inc. and Airbnb Inc. during the Covid era.

By asking prospective investors to state the number of shares they want to buy and at what price, Figma is trying to show it’s a hot deal and attract the right investors willing to pay up. This strategy, popular during the frenzied IPO market, may indicate a resurgence in US IPO activity.

Figma’s IPO is set to price on July 30, utilizing the auction-like process to potentially capture more enthusiasm for its stock. This method could help the company inch closer to the $20 billion valuation Adobe Inc. had agreed upon for acquisition in 2022. Other tech firms who used this strategy in recent years saw mixed results in the market.

Led by Morgan Stanley, Goldman Sachs Group Inc., Allen & Co., and JPMorgan Chase & Co., Figma’s listing plans to trade on the NYSE under the symbol FIG. The company is hoping this unique approach will set it apart in the competitive IPO market and drive success for its public offering.

Read more at Yahoo Finance: Figma’s Auction-Like IPO Set Up to Capitalize on Strong Demand