Rubrik (NYSE: RBRK), a cybersecurity company specializing in data management and cyber recovery, went public on Thursday, marking a potential turning point for the technology IPO market.
The Microsoft-backed company priced its initial public offering at $32 per share, but its shares rose 20% to $38.60 per share upon its debut. Rubrik will sell 23.5 million shares of Class A common stock during the IPO.
Rubrik co-founder and CTO Arvind “Nitro” Nithrakashyap told SC Media that the company built its platform, Rubrik Security Cloud, with a mission to “secure the world's data.” Over its 10-year history, the platform has evolved to support data security and cyber resiliency across enterprise, cloud, and software-as-a-service (SaaS) applications.
“What we tried to do was build a completely different platform where we could not only fully understand the nature of the application along with the data, but also build a dataset engine on top of it. Ransomware detection, sensitive data It supports the entire security application including detection, threat monitoring, etc.,” said Nithrakashyap.
Rubrik aims to give organizations complete understanding and control over their sensitive data, reduce the “blast radius” of attacks, and equip them with the resiliency to fully recover from a breach. We plan to invest in the continued development of our solution.
The company also plans to invest in AI-powered solutions to improve cybersecurity, including Ruby, a generative AI assistant for Rubrik Security Cloud, chief product officer Anneka Gupta told SC Media. Told.
“We want to give users the knowledge they need, whether it’s knowledge about their IT environment or security knowledge, at their fingertips and leverage it in highly intuitive conversational workflows to help them do it faster. , to help them act with more confidence,” said Mr.
A tipping point for cybersecurity IPOs may be just around the corner, market experts say
Rubrik's IPO launch marks a milestone after years of challenges for the technology market caused by factors such as “post-pandemic” inflation and soaring interest rates. Cybersecurity market experts who spoke with SC Media expressed optimism that Rubrik's NYSE debut marks a positive turning point for more cyber companies to enter the market.
“While we are not out of the woods yet, several strong security companies are currently on the verge of going public, just waiting for the IPO window to open. And Rubrik is now among the first ” said Justin Somaini. A partner at YL Ventures said: “We believe that in the coming months, and perhaps next year, we will see several successful IPOs in the cybersecurity space, which will have a positive impact on public and private markets.”
Bob Ackerman, Founder and Managing Director of AllegisCyber Capital states that it has unique advantages.
“Selective signs of a quality-driven resurgence in the IPO market are clear, and it is no surprise that cybersecurity will be one of the leading indicators. Cyber demands continue even during market downturns. , large cyber companies continue to outperform,” Ackerman said. “There are a number of strong cyber companies with 'IPO scale' and, assuming macros hold, we expect many more to come to market this year.”
Ackerman also believes that Rubrik's data-centric approach will help IPO companies find new ways to fend off ransomware threats and avoid being at risk of the next major data breach. He pointed out that the launch was timely.
