Rubrik shares surged as much as 20% above their initial public offering (IPO) price on Thursday.
The Microsoft-backed data management firm debuted its shares on the New York Stock Exchange under the ticker symbol ”RBRK” at $32 per share, above its initial price range of $28 to $31.
It sold 23.5 million shares, raising $752 million at a $5.6 billion valuation.
Rubrik shares traded up almost 16% at $37 on Thursday afternoon.
The company’s listing is the latest sign investor appetite for tech IPOs is returning, following strong debuts by social media platform Reddit (NYSE:RDDT) and semiconductor tech firm Astera Labs in March.
Founded in 2014, Rubrik sells enterprise cloud security software solutions.
More than 90% of its revenue comes from subscriptions. At the end of the last financial year, it had almost 100 customers contribute more than $1 million in subscription annual recurring revenue, the company said.