Microsoft-Backed Rubrik Surpasses Expectations with IPO Pricing at $32 per Share from base me free video Watch Video
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⏲ Duration: 0:43 👁 View: 1.3M times ✓ Published: 26-Apr-2024
Description: 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.