Data management software maker Rubrik began trading on the New York Stock Exchange on Thursday. It opened at $38.60 per share, up 20% from its IPO price. On Wednesday, the Microsoft-backed company priced shares at $32 each, raising $752 million and achieving a valuation of $5.6 billion by selling 23.5 million shares. Rubrik shares are now trading under the ticker “RBRK.”

Microsoft invested in Rubrik in 2021, and Rubrik CEO Bipul Sinha retains an 8% stake in the company. Lightspeed, Sinha’s former employer, holds 25% of the voting power. Founded a decade ago, Rubrik reported a $354 million net loss in the latest fiscal year, compared to a $278 million loss in the previous year. The company has shifted its revenue model, with 91% now coming from subscriptions, up from 59% two years ago.

Initially facing challenges due to concerns over an economic slowdown, Rubrik’s successful market debut signals a potential resurgence in the IPO market for late-stage startups. Other tech companies like Reddit and Astera Labs have also gone public recently, indicating a possible renewed interest in IPOs in the technology sector.

As central banks maintained low-interest rates throughout the 2010s, many technology companies went public. However, investor sentiment shifted towards profitability, leading to a decline in the number of young tech firms pursuing IPOs. With Rubrik’s successful debut, it suggests a turning point in this trend, potentially encouraging more companies to consider going public.

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