Design software company Figma made a triumphant debut on the New York Stock Exchange on Thursday, ending years of anticipation with a dramatic opening that briefly triggered a trading halt due to volatility.

Shares of the collaborative design software firm opened at $101 — triple its IPO price of $33 — and fluctuated throughout the day, hitting a high of $124 before closing at $115.50. The closing price gives Figma a valuation of approximately $47 billion, according to Yahoo Finance.

The IPO was met with intense investor demand. Both the company and existing shareholders sold stock at the $33 offering price, but retail investors were largely shut out. On social media platform X (formerly Twitter), some users shared screenshots of IPO orders filled with just a single share via trading apps like Robinhood, with one lucky investor jokingly boasting about receiving 17 shares.

Figma’s strong debut marks a major milestone for the company, especially following the collapse of its $20 billion acquisition deal by Adobe in 2023. That proposed merger, blocked by regulators, now appears to be little more than a footnote in the company’s growing history.

Founded in 2012, Figma has become a dominant force in the design software space, especially popular among tech teams for its real-time collaboration tools. Its successful IPO signals renewed investor appetite for high-growth tech firms after a sluggish period for public offerings.

After-hours trading remained active Thursday evening, with Figma’s stock continuing to draw strong interest.