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

The hype train has left the station, and Figma's share price is rocketing higher. Here is what might come next.

Danny Rimer, partner at Index Ventures, led Figma’s seed round in 2013, when the company’s stock was valued at just 9 cents per share. He said he has long been impressed by co-founder Dylan Field’s product vision, and agreed with Field’s thesis that design is “the most important determinant” of many consumer-facing tech businesses.