Bloomberg | Figma’s auction-like IPO set up to capitalize on strong demand

Figma Inc. is running its IPO more like an auction than a traditional listing, in an effort to wring the most out of its highly anticipated public debut.

The San Francisco-based company is asking prospective investors in its initial public offering to precisely state the number of shares they wish to buy and at what price, according to a person familiar with the matter. Figma and some of its backers are seeking to raise as much as $1.03 billion in the listing.

IPO data from Jay Ritter informs this story in Bloomberg.