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

Design software maker Figma's shares surged another 20% in morning trading on Friday, extending strong debut-day gains after a blowout U.S. initial public offering that has reignited the tech listing market.

Figma, the design software company led by CEO and cofounder Dylan Field, saw its stock price more than triple in a stunning debut on the New York Stock Exchange on Thursday. Shares of Figma were trading as high as $107 within minutes after it began trading under the ticker FIG.

D.A. Davidson sees Canva and Databricks as large software companies that could look to take advantage of a hot IPO market and speed up plans to go public.

The company 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 expected to debut in the $105–$110 range, following the company’s successful $1.2 billion fundraising effort in one of the most closely watched US IPOs this year. That indication represents a possible uptick of as much as 233% above the $33-per-share offering price.