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

As a business, Figma appears to have a bright future ahead of it, but after tripling on its IPO day, the stock now has a market cap of roughly $60 billion, giving it a price-to-sales ratio (P/S) of around 70. That's a sky-high valuation for even the brightest of IPOs.

The company 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.