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Rubrik's IPO Hits $5.6 Billion Valuation, Celebrates Silicon Valley Success

Apr 25, 2024, 02:53 PM

Rubrik, a software company focused on cybersecurity and data backup, successfully launched its IPO, becoming a public company listed on the NYSE under the ticker $RBRK. The IPO was significantly anticipated, being 20 times oversubscribed, highlighting strong investor interest. This event marks a notable achievement for Silicon Valley, particularly for a group known as the 'IIT Mafia,' which consists of Indian immigrant engineers who have founded several successful software companies. The IPO valuation reached $5.6 billion, underscoring Rubrik's impact on the tech and financial markets.