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In this photo illustration, the Rubrik, Inc. logo is displayed on a smartphone screen. 

Rafael Henrique | SOPA Images | Lightrocket | Getty Images

Data management software maker Rubrik jumped in its New York Stock Exchange debut 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 priced its IPO at $32 a share on Wednesday, above its expected range of $28 to 31 per share.

In selling 23.5 million shares, it raised $752 million, leaving it with a valuation of $5.6 billion. Rubrik shares are trading under the ticker “RBRK.”

Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Worries about a weakening economy starting in late 2021 led investors to become less interested in unprofitable companies. Since then, few young technology companies have been willing to try going public. But that could be changing. Reddit and Astera Labs, which sells data center connectivity chips, went public in March.

Rubrik, founded a decade ago, reported a $354 million net loss in the latest fiscal year, compared to a $278 million loss in the year prior. 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 co-founder and CEO, Bipul Sinha, has 8% control. Lightspeed Venture Partners, where Sinha used to be a startup investor, has 25% of the voting power.

Sinha said Rubrik isn’t able to control market conditions but was able to prepare itself to go public.

“When we see the market is receptive and we were ready, we go,” he said in an interview.

A company will decide on the timing for its IPO six to eight weeks ahead, relying partly on input from bankers, said Ravi Mhatre, managing director at Lightspeed Venture Partners, which was the sole investor in Rubrik’s first round of venture capital.

Input from investors was also critical.

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

This story is developing. Please check back for updates.

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