Figma’s stock-market debut comes after a string of successful IPOs this year, including Circle Internet Group Inc. CoreWeave Inc. and Chime Financial Inc. as the new issues market warms up to companies that have been waiting to go public for years and have been able to grow to a significant size by tapping private-market capital.

Design software maker’s offering being followed in Silicon Valley for signs the market is ready for more tech listings

Figma is targeting a fully-diluted valuation of up to $16.4 billion in its initial public offering, as the cloud-based design software firm prepares for a debut on the NYSE that could inject fresh momentum into a resurgent market for tech listings.