In what should be a surprise to no one, Figma priced its IPO shares above its already increased previously announced range.

Figma’s honeymoon on Wall Street just ended in a freefall after mere days. On Monday, the company’s stock collapsed by 23%, sending its price tumbling from $122 on Friday to $94.50 by midday. The $27.

Going back over 30 years of market data, researchers Joseph Henry and Terry O’Brien found strong evidence that US IPOs are far less underpriced — perhaps by as much as 40% — than commonly believed.

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Figma priced its IPO at $33, which is $1 above the top end of its expected range. The offering raised $1.2 billion ahead of Figma's listing on the New York Stock Exchange.