Bipul Sinha, Indian American CEO, Leads Rubrik's Stock to 21% Jump in NYSE Debut

April 27 :
A cybersecurity firm funded by Microsoft, Rubrik, had its share price soar 21% in its first day on the New York Stock Exchange on April 25th, valuing the company at $6.77 billion.This new company follows in the footsteps of many others that have lately had successful initial public offerings (IPOs) as investors anticipate a more benign economic climate, one in which inflation declines without widespread layoffs.

As more and more companies move their data storage and transfer operations to the cloud, they leave themselves open to cybercriminals and increase demand for cybersecurity services.

Among Rubrik's 6,100 clients are financial bank Goldman Sachs, food and beverage behemoth PepsiCo, and appliance manufacturer Whirlpool, among others. Rubrik is situated in Palo Alto, California.

Rubrik, formerly known as ScaleData, is in the data management and protection vendor competitive landscape, with companies like Cohesity, Commvault, Veeam, IBM, and Dell EMC.

After raising $752 million in the initial public offering (IPO), Rubrik's stock began at $38.6, surpassing the $32 IPO price, and were last trading at $37.

The overall stock market has been poor, which contrasts with the solid launch. So far this month, small-cap U.S. equities' performance is reflected in the Russell 2000 Index, which has fallen roughly 7%.

Although Rubrik was established in late 2013, it wasn't until the fiscal year ending January 31, 2016, that the company started providing its products and services. Bipul Sinha, a partner at the Silicon Valley digital investment firm Lightspeed Venture Partners, is both a co-founder and CEO of the company.

Rubrik was valued at $4 billion in 2021 after Microsoft invested in the company's equity during a funding round. The business has also received backing from venture capital firms Lightspeed and Greylock Partners. More than a dozen banks, including Wells Fargo Securities, Citigroup, Barclays, and Goldman Sachs, underwrote the initial public offering.