Microsoft-backed Rubrik jumps >20% in strong NYSE debut

Rubrik

25/04/2024 17:50

(Updates with opening price)
    ** Cybersecurity software firm Rubrik Inc's  RBRK.N  shares
jump >20% after IPO exceeds expectations
    ** RBRK opens at $38.60, 20.6% above the $32 IPO price
    ** Rubrik sold 23.5 mln shares, up from 23 mln shares, just
north of $28-$31 marketed range for $752 mln total raise
    ** Microsoft  MSFT.O , though not noted in the SEC filing as
a major shareholder, made an equity investment in Rubrik in 2021
in financing round that reportedly valued the startup at $4 bln
    ** Goldman Sachs, Barclays, Citigroup and Wells Fargo
leading a 15-firm underwriting group for the IPO
    ** In another encouraging sign for a U.S. IPO market bounce
back, aircraft parts supplier Loar  LOAR.N  soared >70% in its
debut on Thurs
    ** This as Wall St stocks slumped >1% on the session amid
fading rate-cut hopes  .N 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))