Rubrik's IPO Surges, Shares Jump 20% on NYSE Debut

The cybersecurity firm's initial public offering outperformed expectations, pricing above its projected range and securing a valuation of $6.6 billion.

Rubrik's shares opened at $38.60, significantly above the initial pricing of $32 per share.
The IPO was heavily backed by major investors including Microsoft and prominent venture capital firms like Lightspeed and Greylock.
Despite its strong debut, Rubrik continues to report growing losses, with a net loss increase from $278 million to $354 million year-over-year.
The company's subscription revenue, which now constitutes 91% of its total revenue, grew significantly, reflecting investor confidence in its business model.
Rubrik's successful IPO is seen as a positive sign for the tech IPO market, which has been sluggish in recent years.