Figma 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.

Figma Inc. shares are indicated to begin trading at $65 to $70 each, after the design and collaboration software company and some of its backers raised $1.2 billion in one of the year’s most-anticipated US initial public offerings.

In what should be a surprise to no one, Figma priced its IPO shares above its already increased previously announced range.