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Rubrik stock pops 20% in NYSE debut after company prices IPO above range

April 25, 2024
in General
Rubrik stock pops 20% in NYSE debut after company prices IPO above range
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Bipul Sinha, CEO, Chairman & Co-Founder of Rubrik Inc., the Microsoft backed cybersecurity software startup, rings the opening bell during his company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., April 25, 2024. 

Brendan Mcdermid | Reuters

Shares of data management software maker Rubrik jumped in its New York Stock Exchange debut Thursday, the latest sign that public market investors are showing an appetite for tech IPOs. The stock opened at $38.60 per share, after the Microsoft-backed company priced its IPO at $32 a share on Wednesday, above its expected range of $28 to $31 per share.

In selling 23.5 million shares, it raised $752 million, leaving it with a valuation of $5.6 billion. Rubrik shares are trading under the ticker “RBRK.”

Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Worries about a weakening economy starting in late 2021 led investors to become less interested in unprofitable companies. Since then, few young technology companies have been willing to try going public. But that could be changing. Reddit and Astera Labs, which sells data center connectivity chips, went public in March.

Rubrik, founded a decade ago, reported a $354 million net loss in the latest fiscal year, compared with a $278 million loss in the year prior. The company now generates 91% of its revenue from subscriptions, up from 59% two years ago. 

Microsoft invested in the company in 2021. Rubrik’s co-founder and CEO, Bipul Sinha, has 8% control. Lightspeed Venture Partners, where Sinha was previously a startup investor, has 25% of the voting power.

Sinha said Rubrik isn’t able to control market conditions but was able to prepare itself to go public.

“When we see the market is receptive and we were ready, we go,” he said in an interview.

A company will decide on the timing for its IPO six to eight weeks ahead, relying partly on input from bankers, said Ravi Mhatre, managing director at Lightspeed Venture Partners, which was the sole investor in Rubrik’s first round of venture capital.

Input from investors was also critical.

“Bipul spent a lot of time with public market investors both in 2023 and then in 2024,” said Mhatre, whose firm invested some $362 million in Rubrik.

From those conversations, Sinha has gotten a sense of what investors would be interested in.

“Folks are looking for strong companies to go public, companies that have the potential to be a durable business, a moat in the marketplace, has something to unique to offer in the marketplace and clearly winning in the marketplace,” Sinha said. “Staying public is the key, not going public.”

This story is developing. Please check back for updates.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CNBC – https://www.cnbc.com/2024/04/25/rubrik-ipo-rbrk-starts-trading-on-new-york-stock-exchange.html

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