The record first-day rally in design-software company Figma Inc.’s stock earlier his week hammered home the point that investor demand for initial public offerings is red-hot. “There are a lot of private software company candidates that will look to go public over the next 12 months if the IPO market is as strong as it looks,

The company secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.