(Reuters) – Rubrik’s stocks rose just about 21% of their debut at the New York Inventory Alternate on Thursday, giving the Microsoft-backed cybersecurity company a valuation of $6.77 billion.The startup joins an inventory of businesses that experience observed robust debuts not too long ago as preliminary public choices jump again on hopes of a comfortable touchdown for the economic system, the place inflation falls with out a recession or giant process losses.The speedy adoption of cloud programs for knowledge garage and switch has left companies susceptible to malicious assaults by means of the web and boosted the enchantment of cybersecurity corporations.Palo Alto, California-based Rubrik supplies knowledge safety answers to greater than 6,100 shoppers together with equipment maker Whirlpool, snacks and drinks large PepsiCo and funding financial institution Goldman Sachs.First of all named ScaleData, Rubrik competes with knowledge control and coverage distributors together with Cohesity, Commvault, Veeam, IBM and Dell EMC.Rubrik was once based in overdue 2013, however most effective started providing services and products within the fiscal yr ended Jan. 31, 2016. It’s led by way of co-founder and CEO Bipul Sinha, who could also be a challenge spouse at Silicon Valley’s generation funding company Lightspeed Mission Companions.Microsoft made an fairness funding in Rubrik in 2021 in a financing spherical that valued the startup at $4 billion. Mission capital corporations Greylock Companions and Lightspeed have additionally sponsored the corporate.Rubrik raised $752 million in its upsized IPO promoting 23.5 million stocks at $32 each and every, above the $28 to $31 vary it had advertised previous.The IPO was once underwritten by way of a syndicate of greater than a dozen banks together with Goldman Sachs, Barclays, Citigroup and Wells Fargo Securities.(Reporting by way of Niket Nishant in Bengaluru; Enhancing by way of Shounak Dasgupta)
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