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Rubrik IPO Raises $752M, Shares Surge 20%, Valued at $5.6B on NYSE

Apr 25, 2024, 02:53 PM

Cybersecurity firm Rubrik has successfully launched its initial public offering (IPO) on April 24, 2024, raising $752 million as it debuted on the New York Stock Exchange (NYSE). The company, known for its innovative approach in the data backup market, has transitioned to a cloud-based subscription model, marking a significant milestone in its growth. The IPO has attracted attention from various stakeholders, including venture capitalists and competitors, highlighting its impact on the cybersecurity and data security sectors. Rubrik's public listing is also notable as it represents a win for Silicon Valley and the 'IIT Mafia,' a group of Indian immigrant engineers who have founded several successful software companies. The shares surged by 20% on the debut day, and the company's market valuation reached $5.6 billion.