Cybersecurity firm Rubrik stock soars 21% in debut

Cybersecurity software firm Rubrik (NYSE:RBRK), which counts Microsoft (MSFT) among its prominent investors, jumped 21% in its initial public offering.

Palo Alto-based Rubrik sold 23.5M shares at $32 after originally marketing them for $28 to $31 a share. The shares opened at $38.60 and the stock is trading on the New York Stock Exchange under the ticker RBRK.

The firm saw its subscription ARR rise 47% year over year to $784M as of January 31, 2024. However, net losses widened to $354.2M in the latest fiscal year, with the company attributing this to continued investment in business expansion, according to its SEC filing. Losses were $278M for the year prior.

As of January 31, 2024, Rubrik had 1,742 customers generating more than $100,000 in subscription annual recurring revenue (ARR) and 99 customers generating more than $1,000,000 in subscription ARR.

Rubrik’s filing follows offerings in the past months from social-media company Reddit (RDDT) and semiconductor technology company Astera Labs (ALAB).

Last month, Rubrik announced a partnership with the AI-native CrowdStrike (CRWD) Falcon XDR platform.