Rubrik is hitting the market at a historically slow time for venture-backed tech IPOs.
The data management software company previously said it expected to sell shares at between $28 and $31.
Startups stayed private for longer, recalibrating their finances and waiting for better conditions. Even with interest rates stabilizing and the broader tech market bouncing back, private tech companies have been slow to exit.Early on, Rubrik sold perpetual licenses and set up maintenance contracts for hardware that could take care of data storage functions such as backup and compression. In recent years, the company has shifted toward subscriptions for cloud-based cybersecurity software.
Almost 100 customers were contributing over $1 million in subscription ARR at the end of the fiscal year, the company said. Clients include Barclays, Carhartt and Home Depot.
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