Design software maker Figma (FIG), set to begin trading in Thursday's session, priced its initial public offering at $33 per share on Wednesday, signaling strong demand as the price comes in above expectations for a range of $30-$32.

Design-software company Figma’s stock rocketed more than 200% above its initial public offering price, and was headed for the largest ever first-day gain of an IPO with $500 million or more in proceeds.

T he price for design software developer Figma surged over $109 per share on Thursday after raising over $1.2 billion in an IPO, well over three times the $30-$32 range the company estimated in SEC filings earlier this week—making its 33-year-old CEO Dylan Field a billionaire.

Microsoft’s stock is often “a safe place” for investors to be between earnings reports, analysts at Guggenheim Partners said in a client note on Thursday. And after its June-quarter results, the analysts said “future estimates no longer look challenging,” therefore making the “‘safe period’” likely to extend longer.

The stock has performed exceptionally well in recent months leading up to the fourth quarter earnings, increasing by nearly 60% in the past three months

Microsoft stock surged on better-than-expected financial results for its latest quarter, putting the tech giant on track to hit a $4 trillion market cap.

Analysts surveyed by FactSet expect the company to post adjusted earnings of $1.43 a share on revenue of $89.36 billion. Those numbers would mark a slight increase from the year-ago period, when Apple reported earnings of $1.40 a share on revenue of $85.78 billion.