Investors and bankers are wondering why the software company didn’t price its shares higher to capitalize on fervent demand.

Unicorns may be mythical beasts, but multibillion-dollar start-ups are alive and well and running wild on Wall Street. Design software firm Figma is the latest company to make a splashy debut. It surged 250% from its initial-public-offering price when it began trading on July 31 and continued to rise a day later.

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.