In this photo illustration, Rubrik, Inc. logo is displayed on the smartphone screen.
Rafael Henrique Sopa Images | LightRocket | getty images
Data management software maker Rubrik made its debut on the New York Stock Exchange 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 set the price of its IPO at $32. a share on Wednesday, above its expected range of $28 to $31 a share.
It raised $752 million by selling 23.5 million shares, giving it a valuation of $5.6 billion. Rubrik’s shares are traded under the ticker “RBRK”.
Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Investors have lost interest in unprofitable companies due to concerns about a weak economy starting in late 2021. Since then, some young technology companies have been willing to try going public. But that may change. Reddit and Astera Labs, which sells data center connectivity chips, went public in March.
Rubrik, founded a decade ago, reported a net loss of $354 million in the latest financial year, compared with a $278 million loss in the previous year. The company now generates 91% of its revenue from subscriptions, up from 59% two years ago.
Microsoft invested in the company in 2021. Rubrik’s CEO Bipul Sinha controls 8%. Lightspeed, his former employer, holds 25% of the voting power.
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