Investors and bankers are wondering why the software company didn’t price its shares higher to capitalize on fervent demand.

Danny Rimer, partner at Index Ventures, led Figma’s seed round in 2013, when the company’s stock was valued at just 9 cents per share. He said he has long been impressed by co-founder Dylan Field’s product vision, and agreed with Field’s thesis that design is “the most important determinant” of many consumer-facing tech businesses.

Design-software company Figma’s stock rocketed 250% above its initial public offering price, and was headed for the largest ever first-day gain, after an IPO had raised more than $500 million.