The hype train has left the station, and Figma's share price is rocketing higher. Here is what might come next.

Investors and bankers are wondering why the software company didn’t price its shares higher to capitalize on fervent demand.

Design-software company Figma’s stock rocketed 250% above its initial public offering price, and was headed for the largest ever first-day gain, after an IPO had raised more than $500 million.