Figma is targeting a valuation of $16.4 billion in its upcoming initial public offering, according to a new filing with the Securities and Exchange Commission (SEC).

The collaborative design software maker—a rival to platforms like Adobe—plans to sell around 37 million shares priced between $25 and $28 each, which would generate up to $1 billion in proceeds and give the company a valuation between $14.6 billion and $16.4 billion.

The targeted share price was disclosed in the

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