In this illustration, the Rubrik, Inc. logo is displayed. On the smartphone screen.
Rafael Henrique | SOPA Photos | Rocket Lite | Getty Images
Data management software maker Rubrik began trading on the New York Stock Exchange on Thursday. It's a closely watched debut that will help investors gauge whether the IPO market has reopened to late-stage startups. It opened at $38.60 per share, 20% above its IPO price.
The Microsoft-backed company on Wednesday priced shares at $32 per share, above the expected range of $28 to $31 per share. By selling 23.5 million shares, the company raised $752 million. This left it worth $5.6 billion. Rubrik shares trade under the symbol “RBRK.”
Many technology companies hit the public markets in the 2000s as central banks kept interest rates low. Concerns about a weak economy starting in late 2021 made investors less interested in unprofitable companies. Since then, only a few tech startups have been willing to attempt to go public. But this could change. Reddit and Astera Labs, which sells data center chipsets, went public in March.
Rubrik, which was founded a decade ago, reported a net loss of $354 million in its most recent fiscal year, compared with a loss of $278 million the year before. The company now generates 91% of its revenue from subscriptions, compared to 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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