Experts say the lack of high-quality tech IPOs has prepared the market to boost new listings beyond what they're realistically worth.

Figma rallied 250 per cent to $115.50 a share on Thursday as it started trading on the New York Stock Exchange following an IPO that raised more than $1.2bn. The share rally — which was so sharp that it triggered multiple pauses in trading — gave the group a fully diluted market value above $60bn.

Investors cash in as design firm goes public after takeover dreams dashed Figma is offering 36,937,080 shares of Class A common stock at $33 apiece, in an initial public offering that values the web design tool developer at $19.