Figma Inc. experienced a sharp pullback on Monday, with its shares falling 23% in mid-day trading to $92.75. The drop of $29.25 from Friday’s close of $122 cuts into thesignificant gains the design software company posted after its highly anticipated public debut on the New York Stock Exchange last week.

The big opening pop is the latest indication that the tech IPO market has reopened following a multiyear lull that began in early 2022.