Microsoft-Backed Rubrik Surges More Than 15% in Its Trading Debut

Shares of Rubrik (RBRK), a cybersecurity company backed by Microsoft (MSFT), surged more than 15% to $37 in their first day of trading on the New York Stock Exchange (NYSE) Thursday. Rubrik is the latest company to go public amid a flurry of new listings, including Ibotta (IBTA), Reddit (RDDT), and Astera Labs (ALAB).

The company had priced its shares at $32 apiece in its initial public offering (IPO), above its expected range of $28 to $31. Rubrik said it offered 23.5 million shares, up from the 23 million shares it initially estimated would be sold.

An additional 2.33 million shares were offered by existing stockholders including current or former employees, according to a filing with the Securities and Exchange Commission.

The company could be positioned to benefit amid the artificial intelligence (AI) boom. Rubrik applies AI and machine learning (ML) to its enterprise customers’ data to identify and understand emergent threats and deliver cyber recovery across cloud and Software as a Service (SaaS) applications.

Some of the company’s notable customers include AI leaders like Microsoft, Oracle (ORCL), and Amazon’s (AMZN) AWS. Rubrik is backed by Microsoft including an equity investment for an undisclosed amount in 2021. The cybersecurity company was named Microsoft’s “partner of the year” in 2023.