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

Adobe tried to buy Figma for $20 billion in 2022, but regulators blocked the deal. The start-up is growing rapidly and delivering a proift. The future looks bright for Figma. 10 stocks we like better than Adobe › Figma (NASDAQ: FIG) is set to go public on July 30.

Backed by major Silicon Valley investors Kleiner Perkins and Sequoia, Figma structured its IPO as an auction, inviting investors to bid on both the number of shares and the price they were willing to pay.