Rubrik stock pops 16% in NYSE debut after company prices IPO above range

Rubrik’s shares rose in their New York Stock Exchange debut on Thursday, the latest hint that public market investors are interested in tech IPOs. The stock began at $38.60 per share, after the Microsoft-backed startup priced its IPO on Wednesday at $32, which was more than the predicted range of $28 to $31.

Rubrik closed Thursday up 16% at $37.

It raised $752 million by selling 23.5 million shares, resulting in a valuation of $5.6 billion. Rubrik shares are traded under the symbol “RBRK.”

Rubrik’s shares rose in their New York Stock Exchange debut on Thursday, the latest hint that public market investors are interested in tech IPOs. The stock began at $38.60 per share, after the Microsoft-backed startup priced its IPO on Wednesday at $32, which was more than the predicted range of $28 to $31.

Rubrik closed Thursday up 16% at $37.

It raised $752 million by selling 23.5 million shares, resulting in a valuation of $5.6 billion. Rubrik shares are traded under the symbol “RBRK.”

Many technological businesses went public in the 2010s, as central banks maintained interest rates low. Worries of a worsening economy beginning in late 2021 caused investors to lose interest in underperforming enterprises. Since then, few young technology companies have dared to try going public. But this could be changing. Reddit and Astera Labs, a company that produces data center connection devices, went public in March.

Rubrik, created a decade ago, recorded a $354 million net loss in the most recent fiscal year, compared to a $278 million loss the previous year. The company now gets 91% of its income from subscriptions, up from 59% two years ago.

Microsoft invested in the startup in 2021. Bipul Sinha, Rubrik’s co-founder and CEO, holds an 8% stake. Lightspeed Venture Partners, where Sinha previously worked as a startup investor, controls 25% of the voting power.

Sinha stated that Rubrik cannot control market conditions but has been able to prepare for an IPO.

“When we see the market is receptive and we’re prepared, we go,” he added in an interview.

A firm will decide on the date of its IPO six to eight weeks in advance, with advice from bankers, according to Ravi Mhatre, managing director of Lightspeed Venture Partners, the lone investor in Rubrik’s first round of venture capital.

Investor input was also crucial.

“Bipul spent a lot of time with public market investors both in 2023 and then in 2024,” said Mhatre, whose firm invested $362 million in Rubrik.

Sinha has gained insight into what investors are looking for as a result of these interactions.


“Folks are looking for strong companies to go public, companies that have the potential to be a durable business, a moat in the marketplace, has something to unique to offer in the marketplace and clearly winning in the marketplace,” Sinha said in a statement. “Staying public is the key, not going public.”