The hype train has left the station, and Figma's share price is rocketing higher. Here is what might come next.

Figma’s stock was clearly in hot demand. The company initially said last week it expected to sell its stock to investors for $25 to $28 per share. On Monday, it upped that range to $30 to $32 a share before pricing its offering at $33 a share Wednesday .

Figma Inc. raised $1.2 billion with an initial public offering on Thursday, with shares trading for $33, which increased its market share to $19.3 billion.