Data management software maker Rubrik jumped in its New York Stock Exchange debut on Thursday, the latest sign that public market investors are showing an appetite for tech IPOs.The stock opened at $38.60 per share, after the Microsoft-backed company priced its IPO at $32 a share on Wednesday, above its expected range of $28 to 31 per share.

In selling 23.5 million shares, it raised $752 million, leaving it with a valuation of $5.6 billion. Rubrik shares are trading under the ticker “RBRK.”

Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Worries about a weakening economy starting in late 2021 led investors to become less interested in unprofitable companies. Since then, few young technology companies have been willing to try going public. But that could be changing. Reddit and Astera Labs, which sells data center connectivity chips, went public in March.

Rubrik, founded a decade ago, reported a $354 million net loss in the latest fiscal year, compared to a $278 million loss in the year prior. The company now generates 91% of its revenue from subscriptions, up from 59% two years ago. 

Microsoft invested in the company in 2021. Rubrik CEO Bipul Sinha has 8% control. Lightspeed, his former employer, has 25% of the voting power.

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