Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.

Design-software company Figma Inc. priced its initial public offering at $33 a share, above its $30 to $32 estimated price range, for its trading debut on Thursday. The IPO raised more than $1.2 billion.

Figma Inc. shares are indicated to begin trading at $65 to $70 each, after the design and collaboration software company and some of its backers raised $1.2 billion in one of the year’s most-anticipated US initial public offerings.