Shares of software company Figma soared in their stock-market debut Thursday, rising 250% in one of the splashiest initial public offerings in years.The stock opened at $85 a share, more than twice its IPO price and the best first-day showing in recent memory for a major offering.

Microsoft stock surged on better-than-expected financial results for its latest quarter and strong guidance, putting the tech giant on track to hit a $4 trillion market cap. The beat was driven in part by double-digit revenue growth in the tech firm’s closely watched Azure cloud business.

Figma's shares surged nearly 158% in their market debut on Thursday valuing the design software maker at about $50 billion, setting the stage for a flurry of high-growth tech listings and strengthening a rebound in the IPO market.