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Cybersecurity Firm Rubrik's IPO Raises $752M, Shares Surge 15% on NYSE Debut

Apr 25, 2024, 02:53 PM

Rubrik, a cybersecurity firm specializing in data management and cyber recovery, successfully launched its IPO on the NYSE, raising $752 million by pricing its shares at $32 each. The IPO, which was 20 times oversubscribed, marked a significant event as Rubrik was the first unicorn to go public in months, signaling a potential turning point for the technology IPO market. The company, backed by Microsoft and other big-name venture capital firms, has been a standout in transforming the data backup market into a more dynamic cybersecurity sector through its cloud-based subscription model. On its first day of trading, Rubrik's shares surged by 15%, reflecting strong investor confidence. This event is seen as a litmus test for future software IPOs, particularly those in the cybersecurity sector, and highlights the influence of the 'IIT Mafia,' a group of Indian engineers turned CEOs.