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Microsoft-Backed Rubrik Shares Jump 25% After IPO

Rubrik Inc. shares jumped as much as 25% in its trading debut after the cloud and data security startup backed by Microsoft Corp. raised $752 million in its initial public offering.

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Shares of Rubrik rose to $38.07 per share as of 12:59 p.m. on Thursday. The company priced its initial public offering at $32 each, above a marketed range, and slightly expanded the number of shares to 23.5 million.

The trading gives Rubrik a market value of $6.7 billion based on the outstanding shares listed in its filing with the US Securities and Exchange Commission. Accounting for stock options and restricted share units, the company’s fully diluted valuation is closer to $8 billion.

Rubrik, which secures its corporate customers’ data across enterprise, cloud and software-as-a-service applications, is only the second sizable US IPO by an enterprise software startup in the past two years. Shopify Inc.-backed marketing and data automation provider Klaviyo Inc. ended the drought in September with a $659 million offering.



Image: Rubrik