(RBRK) begins trading on the New York Stock Exchange

Data management software maker Rubrik jumped in its New York Stock Exchange debut on Thursday, the latest sign that public market investors are showing an appetite for technology IPOs. Shares opened at $38.60 a share after the Microsoft-backed company priced its IPO at $32 a share on Wednesday, above an expected range of $28 to $31 a share.

It raised $752 million in the sale of 23.5 million shares, leaving it at a valuation of $5.6 billion. Rubrik shares trade under the ticker “RBRK.”

Many technology companies went public in 2010 as central banks kept interest rates low. Concerns about a weakening economy starting in late 2021 have caused investors to become less interested in unprofitable companies. Since then, few young tech companies have been willing to try to go public. But that could change. Reddit and Astera Laboratorieswhich sells chips to connect data centers, went public in March.

Rubrik, founded a decade ago, reported a net loss of $354 million in its most recent fiscal year, compared with a loss of $278 million the year before. The company now generates 91% of its revenue from subscriptions, up from 59% two years ago.

Microsoft invested in the company in 2021. Rubrik’s co-founder and CEO, Bipul Sinha, has an 8% stake. Lightspeed, his former employer, has 25% of the votes.

Sinha said Rubrik was unable to control market conditions, but was able to prepare to go public.

“When we see that the market is receptive and we’re ready, we go,” he said in an interview.

A company will decide on the timing of its IPO six to eight weeks ahead, relying in part on input from bankers, said Ravi Mhatre, managing director of Lightspeed Venture Partners, which was the sole investor in Rubrik’s first round of venture capital.

Investor input was also crucial.

“Bipul spent a lot of time with public market investors in both 2023 and 2024,” Mhatre said.

This story is evolving. Please check back for updates.