Experts say the lack of high-quality tech IPOs has prepared the market to boost new listings beyond what they're realistically worth.

Figma sent out its IPO prospectus a month ago and has since revised the proposed price upward. On July 21, it put the price in the range of $25 to $28 per share. By July 28, it was between $30 and $32 per share, and on July 31, it had risen to $33 per share.

Figma rallied 250 per cent to $115.50 a share on Thursday as it started trading on the New York Stock Exchange following an IPO that raised more than $1.2bn. The share rally — which was so sharp that it triggered multiple pauses in trading — gave the group a fully diluted market value above $60bn.