Rubrik pops 20% in NYSE debut after pricing IPO above range

Data management software maker Rubrik had its IPO on the NYSE, marking a significant milestone in the market for late-stage startups. The company went public at a price of $32 per share, raising $752 million and achieving a valuation of $5.6 billion. Rubrik, founded ten years ago, reported a net loss of $354 million in the latest fiscal year. However, it has seen growth in revenue from subscriptions, which now account for 91% of its total revenue. Microsoft is among the investors in the company.