Rubrik goes public, as the stock closed up nearly 16% in the cybersecurity company’s first day of trading (2024)

Hear me out: The opening bell ceremony is called a ceremony because it really is one. There are pictures, there’s family (both biological and chosen), and there’s lots of folks getting from one spot to another in a venue—”herding kittens” as my mom would say.

But the primary way in which an IPO is like a wedding is this: It’s a big, dressed-up day that took a lot of time, relationship-building, and ups-and-downs to get there. And it’s also the first day of the rest of your life.

This all occurs to me Thursday morning as I stand on the floor of the New York Stock Exchange, looking up at the bell-ringing balcony: Bipul Sinha, Rubrik CEO and cofounder, stood blue-suited and pink-tied, symbolically opening the public markets, surrounded by cheering employees, investors, and his family.

Rubrik, a data-focused cybersecurity company, went public yesterday, with the stock initially popping by about 20% and closing up nearly 16%. What happens now is much like what happens after a wedding: you get up tomorrow and while you have new formalities, the basics remain the same.

“I’ll wake up [tomorrow morning] and call my customers, talk to my team, as we figure out: How do we build a better product?” Sinha told me before the stock started trading. “At the end of the day, business exists to create value for customers, because that’s who pays for our paycheck.”

There is, of course, a lot about this that’s not like a wedding. After all, a wedding is a money-spending endeavor and this is, aside from the fees going to the underwriters and lawyers, a money-making endeavor. But an even bigger difference is that lots of people get married, while very few founders make it to this exact IPO moment that I was able to watch Sinha live out. Though a dream for many founders (and investors), this moment is rare.

Lightspeed Venture Partners partner and cofounder Ravi Mhatre and Greylock partner Asheem Chandna both said that the statistic they’ve heard is that less than 1% of founders ever get here.

“It has to be somewhere between 0.1% and 0.01%, the odds of getting here,” said Chandna, who was last at the NYSE for Palo Alto Networks’ IPO 12 years ago, as a founding investor of the company.

Then, you layer in Sinha’s personal story—he grew up in a small, poor town in India, and wasn’t a good student in the traditional sense. He didn’t get into state colleges, but got into IIT after preparing for the exam for more than a year. Decades later, tucked away in a surprisingly presidential-looking stock exchange room, I asked Sinha about how the distance-traveled in his own life affects how he thinks about the future.

“I’ve stopped thinking about what tomorrow is going to be,” he told me. “All of this wasn’t supposed to happen. It’s all gravy, It’s all house money.”

Rubrik’s story is ultimately both American and Indian, then. And, as IVP general partner Somesh Dash notes,an incredible example of the American Dream. “Somebody who comes to this country as an immigrant with nothing, and builds a business that could be an institution—where, as [Sinha] said at breakfast this morning, retirees in Maine and Oklahoma are going to be buying the stock.”

It’s also worth noting that Rubrik took a chance by making its Wall Street debut during this tricky IPO market.

“When you are the first company stepping into the waters, after a sort of multi-year hiatus, it definitely requires the courage of your convictions,” said Lightspeed’s Mhatre. “I’m really hopeful that enthusiasm around Rubrik will translate into more receptivity with public market investors.”

Sinha seems less focused on the question of what Rubrik’s IPO might mean for the broader marketplace, saying that he’s not worrying about “externalities…because you can’t control those things. What you can control is your input.”

Because, in the end, an IPO is like a wedding, especially in this key truth: The next day’s just the first day of the rest of your life, a new chapter in a story that will, with any luck, unfold for decades.

Elsewhere…My colleague Sharon Goldman just featured OpenAI rival Cohere and interviewed the company’s CEO, Aidan Gomez. “We’re still sort of the underdog,” he told Goldman. “We have to prove ourselves…I think in the past couple of months we’ve really done that.” Read the whole story here.

See you Monday,

Allie Garfinkle
Submit a deal for the Term Sheet newsletter here.

Joe Abrams curated the deals section of today’s newsletter.


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Rubrik goes public, as the stock closed up nearly 16% in the cybersecurity company’s first day of trading (2024)


Rubrik goes public, as the stock closed up nearly 16% in the cybersecurity company’s first day of trading? ›

Rubrik, a data-focused cybersecurity company, went public yesterday, with the stock initially popping by about 20% and closing up nearly 16%. What happens now is much like what happens after a wedding: you get up tomorrow and while you have new formalities, the basics remain the same.

Is rubrik a good investment? ›

Fundamentally, the Rubrik IPO serves as a real-time indicator regarding sustained sentiment for tech-centric new listings. Overall, RBRK stock could be a compelling speculative opportunity, although prospective buyers should recognize the risks.

What is the ticker symbol for rubrik ipo? ›

Rubrik shares are trading under the ticker "RBRK." Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Worries about a weakening economy starting in late 2021 led investors to become less interested in unprofitable companies.

How to invest in rubrik ipo? ›

Rubrik is a privately held company. This means only accredited and institutional investors can invest in the company before its IPO. Investors seeking exposure to Rubrik can invest indirectly via venture funds and investment syndicates, or purchase shares directly on pre-IPO marketplaces like Hiive.

Has Rubrik gone public? ›

Rubrik, a data-focused cybersecurity company, went public yesterday, with the stock initially popping by about 20% and closing up nearly 16%.

Is Rubrik a unicorn? ›

Rubrik, the VC-backed cloud data security unicorn, opened for bidding on the NYSE this morning. It is the largest ever in the data security segment and the largest IPO for an information security company since SentinelOne's $11 billion exit in 2021.

Who competes with Rubrik? ›

Competitors and Alternatives to Rubrik Security Cloud
  • Keepit.
  • Commvault Cloud.
  • Acronis Cyber Protect Cloud.
  • SpinOne.
  • Arcserve Cloud Direct.
  • Veritas Alta SaaS Protection.

Who invested in Rubrik? ›

Microsoft (MSFT.O) , opens new tab made an equity investment in Rubrik in 2021 in a financing round that valued the startup at $4 billion. Venture capital firms Greylock Partners and Lightspeed have also backed the company.

Is Rubrik a good company? ›

Employees in Bangalore have given Rubrik a rating of 4.3 out of 5 stars, based on 141 company reviews on Glassdoor. This indicates that most employees have an excellent working experience in Bangalore.

How much will Rubrik stock be worth? ›

The cybersecurity company priced its shares at $32 apiece Wednesday night, just a hair over its initial target range of $29 to $31 after raising $752 million. This share price gives Rubrik a fully diluted valuation of $6.6 billion, up 88% from its last primary valuation of $3.5 billion in 2019.

How big is Rubrik? ›

Rubrik has large scale at $784M of Subscription ARR (annual recurring revenue), growing 47% year-over-year in FY 2024. Given the business model transition from perpetual to subscription, Subscription ARR is the best barometer of success for the business vs. total revenue.

How many shares does Rubrik have? ›

PALO ALTO, Calif., April 24, 2024 – Rubrik, Inc. today announced the pricing of its upsized initial public offering of 23,500,000 shares of its Class A common stock at a public offering price of $32.00 per share.

Which is better Rubrik or Cohesity? ›

The Rubrik architecture allows infinity scalability, while the Cohesity architecture, while allowing linear scalability, allows up to 256 nodes. Rubric has a single point of failure, while Cohesity, given the design of its architecture, has none. Cohesity backups have far more immutability when compared to Rubrik.

Is Rubrik better than Cohesity? ›

Cohesity has 49 reviews and a rating of 4.61 / 5 stars vs Rubrik which has 47 reviews and a rating of 4.68 / 5 stars. Compare the similarities and differences between software options with real user reviews focused on features, ease of use, customer service, and value for money.

Which is better Cohesity vs Rubrik? ›

Some consider Rubrik's ease of use and user interface to be a bit better than Cohesity's. The Rubrik architecture is cloud-native and allows infinity scalability versus Cohesity's 256 node linear scaling. Non-disruptive operations are claimed by Rubrik, please look into how this applies in practice for your workloads.

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