Rubrik is hitting the market at a historically slow time for venture-backed tech IPOs.
The data management software company previously said it expected to sell shares at between $28 and $31.
The 10-year-old company had planned to sell 23 million shares ahead of its New York Stock Exchange debut on Thursday, and will trade under the ticker symbol "RBRK." The offering raised $752 million and values the company at $5.6 billion.Rubrik is hitting the public market during a historically slow period for venture-backed tech IPOs, particularly when it comes to companies that sell to businesses.
Early on, Rubrik sold perpetual licenses and set up maintenance contracts for hardware that could take care of data storage functions such as backup and compression. In recent years, the company has shifted toward subscriptions for cloud-based cybersecurity software. Businesses can use the software to secure data in cloud applications and in public clouds and prevent data loss in the event of ransomware attacks.
Almost 100 customers were contributing over $1 million in subscription ARR at the end of the fiscal year, the company said. Clients include Barclays, Carhartt and Home Depot.
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