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Fiery debut: Rubrik shares take off on the NYSE
Rubrik stock explodes on the first day of trading on the NYSE! Find out more about the cybersecurity company's successful IPO and future prospects. 📈 #Category #IPO #Cybersecurity
Fiery debut: Rubrik shares take off on the NYSE
Cybersecurity provider and data manager Rubrik made its stock market debut on the New York Stock Exchange (NYSE) yesterday, Thursday. Investors showed keen interest in Rubrik shares, which led to a sharp increase. At $38.60, Rubrik shares rose 20.63 percent above the issue price of $32.00. Despite an issue price above the targeted range of 28 to 31 US dollars, the company set off an impressive price fireworks display.
Rubrik's IPO was already in high demand in advance and was several times oversubscribed. Although the share closed at the end of the trading day at $37.00, slightly below the initial price, it still recorded an increase of 15.63 percent compared to the issue price. On the following Friday trading, Rubrik shares temporarily rose by a further 1.35 percent to $37.50.
Rubrik placed 23.5 million shares with investors as part of the IPO, raising proceeds of $752 million. The syndicate banks also have the opportunity to purchase a further 3.525 million shares at the issue price as part of an over-allotment option.
As a cloud data management and data security company based in Palo Alto, California, Rubrik focuses on cloud-based software solutions to protect against cyberattacks. Although the company counts big-name customers like NVIDIA and Amazon Web Services, it is not currently profitable. Despite increased sales in the last financial year, losses also increased due to high investments in company growth and product development.
With the IPO, Rubrik hopes to benefit from the current trend in artificial intelligence. According to “MarketWatch”, the company emphasizes its focus on AI and sees opportunities in data security software, especially against the background of complex cyber incidents through generative AI. Rubrik aims to capture some of the investment in data security and increase corporate spending on cybersecurity.