Mike Canon-Brookes (L). Photo: Aundray/ Flickr creative commons.

The IPO market may be cooling down for a lot of tech companies, but that doesn’t seem to be the case with Atlassian, the Australian business-software maker best known for its JIRA and HipChat products.

The Sydney-born company slated to begin trading on the public markets Thursday, US time, set its IPO price at $21/share, giving it a $4.4 billion valuation, Fortune reports.

It makes the founders, Mike Cannon-Brookes and Scott Farquhar, each billionaires on paper in their own right, with their shares worth $1.1 billion.

The $21 price range is a nice boost from the price range Atlassian had originally projected, which would have given it a valuation of $3.8 billion at the high end of the initial guide price.

It’s a strong indicator of investor interest. And it means Atlassian could turn out to be the most successful tech IPO of the year, drawing solid interest from public investors. If all goes well tomorrow, Atlassian’s market cap will end up exceeding its private-market valuation.

One of the reasons for Atlassian’s popularity may have to do with its strong financials. Unlike a lot of the tech startups that are losing money, Atlassian has been profitable for the last 10 years, and is still growing at a solid pace. It’s also achieving its growth without spending too much on sales and marketing, which is typically the biggest expense item for most software companies.

Atlassian was founded in 2002, but it hasn’t taken any outside investment. The last two funding rounds from Accel and T. Rowe Price were done to let employees sell some of their shares.

Some of the most anticipated tech IPOs this year saw lower-than-expected interest from the public market, significantly cutting their value on their way to going public.

Square, for example, lost nearly half of its value when it went public earlier this month compared to the $6 billion valuation it got in the private market last year — though shares popped on the first day of trading. Box also saw its IPO price bring its market cap below its previous VC valuation when it went public earlier this year.

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