Software maker Figma, a one-time Adobe acquisition target, will go public this week. The Figma IPO has been widely anticipated on Wall Street.

Figma Inc.’s US initial public offering is approaching 40 times oversubscribed, according to people familiar with the matter, as the design and collaboration software company heads for what could be the year’s most in-demand listing.

The San Francisco-based design software company filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) to raise up to $1 billion and secure a valuation of roughly $16.