Experts say the lack of high-quality tech IPOs has prepared the market to boost new listings beyond what they're realistically worth.

Figma sent out its IPO prospectus a month ago and has since revised the proposed price upward. On July 21, it put the price in the range of $25 to $28 per share. By July 28, it was between $30 and $32 per share, and on July 31, it had risen to $33 per share.

Figma Inc. raised $1.2 billion with an initial public offering on Thursday, with shares trading for $33, which increased its market share to $19.3 billion.