The stock of data software company Rubrik (RBRK) increased 16% during its first day of trading on the New York Stock Exchange (NYSE) following an initial public offering (IPO).
Rubrik’s stock closed at $37 U.S. per share after the Microsoft-backed company priced its IPO at $32 U.S. a share, above its expected range of $28 U.S. to $31 U.S. per share.
In selling 23.5 million shares, the data management software maker raised $752 million U.S., giving it a valuation of $5.60 billion U.S.
Rubrik is the latest technology company to go public this year following IPOs in March of social media concern Reddit (RDDT) and semiconductor designer Astera Labs (ALAB).
Founded in 2014, Rubrik reported a net loss of $354 million U.S. in its latest fiscal year, compared with a $278 million U.S. loss in the previous year.
The company generates 91% of its revenue from subscriptions. Microsoft first invested in Rubrik in 2021 when it was still privately held.
Analysts say the success of Rubrik’s IPO is another sign that markets are once again receptive to new stock issuance after several years in the doldrums following the Covid-19 pandemic.