Microsoft-backed cloud-based cybersecurity firm Rubrik has set its initial public offering (IPO) stock price at $32, exceeding its expected range of $28 to $31. The company will sell 23 million shares on the New York Stock Exchange under the ticker RBRK, raising $752 million. The IPO comes amid strong demand, with Rubrik attracting 20 times as many orders as available shares. Despite continued investment in business expansion, Rubrik reported widening net losses in its latest fiscal year. The company’s subscription ARR rose 47% year over year to $784 million as of January 31, 2024. Rubrik’s IPO follows recent offerings from Reddit and Astera Labs and is part of a growing trend of tech companies entering the public markets.