MongoDB Inc. shares rallied out of the gate on their first day of trading Thursday and closed up more than 30%, following in the footsteps of recent booming tech IPOs like Roku Inc. and Switch Inc.

MongoDB MDB, +5.12%  shares, which reached a high of $34 a share, closed up 34% at $32.07 on volume of more than 11 million shares, according to FactSet data.

New York City-based MongoDB hopes to challenge giants like Oracle Corp. ORCL, +1.84%  with an open-sourced, subscription-based approach to enterprise database software. The company filed for public listing nearly two weeks before Oracle ramped up its database game, announcing a fully automated database warehousing system at half the cost of what Amazon.com Inc. AMZN, +0.99%  charges, as well as a new highly automated cybersecurity system.

In an interview, MongoDB Chief Executive Dev Ittycheria said the company’s Atlas database system has an advantage over Oracle’s relational database architecture in that it’s easier to scale to meet customer needs, comparing Oracle’s established platform to a rotary phone, in that, while it still works, it’s not a computer that one can fit in a pocket.

“Oracle’s architecture is very old, we offer a modern architecture,” Ittycheria told MarketWatch. It’s that kind of attitude in which MongoDB is approaching the estimated $45 billion database market. “We’re showing all signs of being a beneficiary given the size of this market,” he said.

Read: MongoDB IPO: 5 things to know about database-software company

Addressing concerns about profitability, Ittycheria said MongoDB is more focused on growth right now, specifically in growing out sales and marketing and innovating core products. For the fiscal year ended 2017, losses widened to $86.7 million, from $73.5 million in the previous year, as revenue jumped more than 50% to $101.4 million.

Ittycheria said that “proceeds from the IPO will fully fund us,” adding there are no plans for follow-up funding. Using those proceeds to hire salespeople will be a top priority. Ittycheria said MongoDB still does not have devoted salespeople in all cities in which it operates, and only has a handful of salespeople in Europe, where it conducts about a third of its business.

The company priced its IPO shares at $24 late Wednesday, above a $20 to $22 range it had raised as recently as Tuesday, up from its initial $18 to $20 range. The company offered 9.2 million shares including those to cover overallotments.

Before the IPO, the company had been mostly recently valued at $1.6 billion with more than $300 million in venture capital funding, according to The Wall Street Journal. At its current price, with nearly 49 million shares outstanding, and including the 1.2 million shares to cover overallotments, the company carries a value of $1.61 billion.

In comparison to other recent IPOs, Roku ROKU, -1.26%  priced at $14, and zoomed nearly 68% on its first day of trading to close at $23.50, and 16 sessions later, shares finished at $22.03. Switch SWCH, +2.23%  priced at $17 and rose 23% on its first day of trading to close at $20.84. After 10 sessions, Switch shares closed at $18.58 Thursday.

Most recently, CarGurus Inc. CARG, -0.06% an online marketplace for new and used cars that uses data analytics, saw its shares skyrocket more than 70% to close at $27.58 on its first day of trading following an IPO pricing of $16 a share. On its sixth day of trading, CarGurus shares closed at $28.23.