Design software company Figma is planning to offer about 12.47M class A common shares priced in the range of $25 to $28 per share in its IPO on the New York Stock Exchange. The San Francisco-based company said in a regulatory filing on Monday that selling stockholders are offering about 24.

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.

Design software maker’s offering being followed in Silicon Valley for signs the market is ready for more tech listings