Figma is seeking a fully diluted valuation of up to $16.4 billion in its initial public offering, as the collaborative design software firm gears up for a high-profile debut on the New York Stock Exchange.

In a regulatory filing on Monday, the company said it and existing shareholders plan to sell nearly 37 million shares at a price range of $25 to $28 per share, aiming to raise as much as $1.03 billion.

The offering marks a significant milestone for Figma following the collapse of its proposed $20 billion acquisition by Adobe last year due to regulatory objections in Europe and the UK. Its upcoming listing comes at a time of renewed enthusiasm for tech IPOs, buoyed by a strong equities rally and the recent breakout debut of Circle, the stablecoin firm, which has continued to soar since going public.

Figma plans to trade under the ticker symbol “FIG,” with Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan leading the underwriting syndicate.

Founded in San Francisco, Figma provides cloud-based tools that allow users to collaboratively design software interfaces. Its client roster includes major enterprise software players such as ServiceNow, Workday, and SAP. The company reported a 46% revenue increase and a three-fold rise in net income in Q1 2025.

It was valued at $12.5 billion in a 2024 tender offer, and has also drawn attention for its crypto exposure, with $70 million invested in a bitcoin ETF and plans to allocate an additional $30 million.

Still, Figma’s filing highlights challenges, including risks from AI-driven design tools, restrictive immigration policies, and exposure to global trade tensions. “Investors are now prioritizing profitability and operational resilience,” said Leslie Marlow, corporate attorney at Blank Rome.