New York City, USA – Rubrik, a data management software maker, made its debut on the New York Stock Exchange on Thursday, marking a significant moment for late-stage startups entering the market. The company opened at $38.60 per share, a 20% increase from its initial public offering price. This event is seen as a barometer for investor interest in IPOs.

Backed by Microsoft, Rubrik priced its shares at $32 each, exceeding its expected range of $28 to $31 per share. With the sale of 23.5 million shares, the company raised $752 million, giving it a valuation of $5.6 billion. Rubrik is now listed on the stock exchange under the ticker symbol “RBRK.”

In recent years, uncertainty in the economy has led investors to shy away from unprofitable companies, impacting the willingness of tech companies to go public. However, with the successful market debut of Rubrik and other companies like Reddit and Astera Labs, there may be a shift in this trend. Rubrik, established a decade ago, has seen growth in its subscription-based revenue, accounting for 91% of its total revenue.

Microsoft’s investment in Rubrik in 2021 has solidified its position in the market, with CEO Bipul Sinha holding 8% control. The company’s strategic partnerships and revenue streams indicate its potential for expansion in the data management sector. This story continues to evolve, so stay tuned for updates on Rubrik’s market performance.