Rubrik Inc., a cybersecurity software startup, made its highly anticipated debut on the New York Stock Exchange (NYSE) with CEO, Chairman & Co-Founder Bipul Sinha ringing the opening bell. The company’s shares opened at $38.60 per share, well above the initial public offering (IPO) price of $32 per share.
The IPO raised an impressive $752 million, giving Rubrik a valuation of $5.6 billion. Despite reporting a $354 million net loss in the latest fiscal year, the company has shifted its focus to generating revenue from subscriptions, with 91% of its revenue now coming from this source.
One of the key investors in Rubrik is tech giant Microsoft, who made an investment in the company in 2021. Co-founder Sinha still maintains 8% control of the company, while Lightspeed Venture Partners holds 25% of the voting power.
Sinha strategically prepared Rubrik for its IPO based on market conditions and feedback from investors. The timing of the IPO was decided six to eight weeks in advance, with input from bankers and investors. Investors were reportedly looking for strong, unique companies with the potential to be successful in the market, and Rubrik seems to fit that bill.
Looking ahead, Rubrik aims to build a durable business and remain a publicly traded company as a key focus. With a successful IPO under its belt, the cybersecurity startup is poised for growth and success in the ever-evolving market.
