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.

Figma Inc. raised $1.2 billion with an initial public offering on Thursday, with shares trading for $33, which increased its market share to $19.3 billion.