Data management software company Rubrik priced its IPO at $32 per share, above its expected range. The company raised $752 million by selling 23.5 million shares in its debut on the NYSE, valuing Rubrik at $5.6 billion. Rubrik provides cloud-based cybersecurity software for data protection, backup and recovery, and ransomware prevention. Major backers include Microsoft, which invested in 2021, and Lightspeed Venture Partners, which will retain over 25% voting power. Rubrik is one of the first notable tech IPOs of 2024 following Reddit and Astera Labs earlier this year.
