Figma, a cloud-based design software firm, stated Thursday it would enable buyers, together with present and former workers, to promote their shares in a young provide that values the corporate at $12.5 billion.

That’s up 25% from the valuation at which the corporate fundraised in 2021, however beneath the $20 billion acquisition provide Adobe made in 2022. Adobe and Figma referred to as off the deliberate acquisition in December following regulatory scrutiny.

The San Francisco-based startup expects the dimensions of the tender to be between $600 million and $900 million, with help from greater than 25 present and new buyers. A16z, Sequoia and Kleiner Perkins are collaborating within the provide.

Figma is utilized by tens of 1000’s of workers inside Microsoft, which spends thousands and thousands per yr on its deployment. Google, Oracle and Salesforce additionally use the corporate’s software program.

In June 2021, in the course of the heyday of mega financings, Figma was valued at $10 billion in a funding spherical that included participation from Morgan Stanley’s Counterpoint Global. That was earlier than the 2022 market plunge despatched many cloud shares down by greater than half and largely halted pre-IPO rounds.

Adobe initially stated buying Figma could be a pure complement to the corporate’s portfolio, writing within the unique announcement that “the combination of Adobe and Figma will usher in a new era of collaborative creativity.” In December, a regulatory submitting stated Adobe would pay Figma a $1 billion breakup charge.

— CNBC’s Jordan Novet contributed to this report.