Figma is targeting a fully-diluted valuation of up to $16.4 billion in its initial public offering, as the cloud-based design software firm prepares for a debut on the NYSE that could inject fresh momentum into a resurgent market for tech listings.

The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion by selling nearly 37 million shares priced between $25 and $28 each, it said on Monday.

The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe failed due to regulatory hurdles in Europe and the UK.

An equities rally and a bunch of strong debuts recently have helped remove the IPO market overhang. Figma is expected to start trading........

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