Data infrastructure software developer, Confluent (NASDAQ: CFLT) has rung the public markets bell for the first time with a market capitalisation of US$11.4 billion, up from its last evaluation of $4.5 billion in 2020 in its last funding round.

The Mountain View, California-based company climbed 25% on market trading following the sale of 23 million shares at $36 each, giving it a total of $828 million raised for the IPO.

The per share value was higher than early projected ranges of $29 to $33, and stock closed its first day of trading on $45.02.

The company has gone public through a special purpose acquisition company (SPAC) venture where Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities, and Citigroup acted as lead book-running managers for the offering.

Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, and Wells Fargo Securities acted as additional book-running managers, whilst Cowen, D.A. Davidson & Co., JMP Securities, KeyBanc Capital Markets, and Piper Sandler acted as co-managers.

Confluent’s Co-Founders Jay Kreps, Neha Narkhede and Jun Rao, rand the Opening Bell from the top of the Nasdaq Tower, in Times Square, NYC.

Kreps, who also serves as CEO, said of the IPO: “Today, Confluent became a publicly traded company. This is a big milestone in the short life of our company. To the employees, customers, partners, investors, and the larger developer community who made this possible: Thank you!”

He continued to explain that the data architecture of a company is as important in the company’s operations as the physical real estate, org chart, or any other blueprint for the business.

“This is the underpinning of a modern digital customer experience, and the key to harnessing software to drive intelligent, efficient operations,” he added.

“Companies that get this right will be the leaders in their industries in the decades ahead. We know that there is a foundational missing layer at the heart of data infrastructure that allows companies to harness data as it occurs—data in motion—and that this is critical in the next evolution of the architecture of companies.

“We think this new stack will evolve to be the central nervous system of every company and will be the single most strategic layer in the modern data world.”

Just last May, the company welcomed a new chief revenue officer. Larry Shurtz took to the role with more than 25 years of experience in the technology and enterprise software industry leading both enterprise and commercial GTM organisations.