Rubrik prices IPO at $32 per share, above the expected range

Rubrik, a data-management software company backed by Microsoft, priced its IPO at $32 a share, according to a person familiar with the matter. That's above its expected range.

The 10-year-old company had planned to sell 23 million shares ahead of its New York Stock Exchange debut on Thursday, and will trade under the ticker symbol "RBRK." Rubrik raised $752 million through the initial public offering, valuing the company at $5.6 billion.

Last week the company said in a filing that it was expecting to price the offering at $28 to $31 per share.

Rubrik is hitting the public market during a historically slow period for venture-backed tech IPOs, particularly when it comes to companies that sell to businesses. The IPO market has been largely shuttered since late 2021, as concerns about a worsening economy and rising interest rates pushed investors out of risky assets.

Startups have stayed private for longer, recalibrating their finances and waiting for better conditions. Even with interest rates stabilizing and the broader tech market bouncing back over the past recent months, private tech companies have been slow to exit.

Instacart and software vendor Klaviyo went public in September, the first venture-backed tech deals in the U.S. since 2021. Reddit went public last month, a day after the Nasdaq debut of Astera Labs, which sells data center connectivity chips.

Early on, Rubrik sold perpetual licenses and set up maintenance contracts for hardware that could take care of data storage functions such as backup and compression. In recent years, the company has shifted toward subscriptions for cloud-based cybersecurity software. Businesses can use the software to secure data in cloud applications and in public clouds and prevent data