Interface design software company Figma made a stellar debut on the public markets on Thursday, with its stock soaring more than 3x its IPO price of $33 to close at $115.50 per share.

Figma’s IPO valued the company above $19 billion on a fully diluted basis. It raised about $1.2 billion for the company and investors who cashed out on shares, making it the biggest venture-backed tech IPO since 2021, according to Renaissance Capital.

Traders expressed confusion and frustration on Thursday as demand for Figma shares appeared to far exceed supply. Figma’s initial public offering this week was a boon for investors. Well, some investors.