The design software start-up Figma is kicking off its initial public offering with plans to raise about $1 billion.

In a securities filing, Figma said it would sell about 37 million shares at a range of $25 to $28 a share. Based on the shares outstanding after the IPO, Figma's valuation would be $13.6 billion at the high end of the IPO range.

The total valuation is about 32% lower than the $20 billion cash and stock offer Adobe made to buy Figma in 2022, a deal that was abandoned a year later. Still, it would vault Figma's valuation above that of Circle Internet and Chime Financial when their IPO terms were announced.

It's the latest in a string of tech debuts this year, including the IPOs of Circle, Chime, and CoreWeave.

Figma plans to list under the ticker "FIG" at the New York Stock Exchange. The company has about 13 million monthly subscribers who use its software for online sales and branding. It also has invested in cryptocurrencies.

It has a stake in a Bitcoin exchange-traded fund of around $69.5 million as of the end of March, according to the filing. And in May, Figma's board approved a $30 million investment in Bitcoin. It used the funds to buy $30 million of the USDC stablecoin, the filing said. It plans to reinvest the stablecoin holdings into Bitcoin in the future. Circle Internet issues USDC.

For the IPO, Figma is offering a little more than 12 million Class A shares and the rest of the offering are Class A shares being sold by selling shareholders, including co-founder and CEO Dylan Field.

Field is offering up to 2.35 million shares, and board member Mamoon Hamid is offering up to 2.76 million shares. Hamid is also a managing member at Kleiner Perkins, one of the venture-capital firms that invested in the company.

Other venture-capital firms selling shares are Index Ventures, Greylock Partners, and Sequoia Capital.

Morgan Stanley and Goldman Sachs are leading the underwriting with Allen & Co. and JPMorgan, according to the filing.