The listing valuation comes to close to the $20bn Adobe offered to buy Figma in 2022 — a deal that collapsed after a year due to regulatory concerns — and well above the $12.5bn the group was valued at last year as part of a sale of employee stock.

Figma Inc.’s US initial public offering is approaching 40 times oversubscribed, according to people familiar with the matter, as the design and collaboration software company heads for what could be the year’s most in-demand listing.