Figma Inc. saw a 250% surge in its debut session, closing at $115.50 in New York. The IPO valued the design and collaboration software company at over $65 billion, making it one of the biggest first-day pops for a US company raising over $1 billion.

Investor enthusiasm for Figma was evident as the company’s IPO was more than 40 times oversubscribed, with shares ultimately priced at $33 apiece, tripling the IPO price. Figma’s growth and adoption by various industries are driving its success in the market.

Figma’s use of AI technology and focus on creative tools has positioned it as a top competitor in the software industry. The company’s soaring shares may lead to potential dealmaking as it battles with rivals like Adobe and Canva Inc. to dominate the AI-driven creative tools market.

Figma’s IPO success has made Dylan Field one of the world’s richest people, with a stake worth $6.1 billion. The company’s stock trades on the NYSE under the symbol FIG, and its well-capitalized position from the IPO could lead to acquisition opportunities and further expansion in the creative work sector.

Read more at Yahoo Finance: Figma’s 250% IPO Pop Gives It Edge in Creative AI Software Fight