NEW YORK, April 24 (Reuters) - Rubrik, the

cybersecurity software startup that counts Microsoft ( MSFT )

among its investors, on Wednesday priced its initial public

offering at $32 per share, above its indicated price range.

Rubrik upsized its IPO to raise $752 million after selling

23.5 million shares, the company said in a statement. This

confirmed an earlier Reuters report about the offering details.

The company priced its IPO above its previous target range

of $28-$31, valuing the Palo Alto, California-based Rubrik at

around $5.6 billion based on the outstanding shares listed in

its filing with the U.S. Securities and Exchange Commission.

Rubrik's listing comes amid the U.S. IPO market showing

early signs of a rebound, after stock market launches froze up

during most of 2022 and 2023.

Following the successful stock market flotations of social

media platform Reddit ( RDDT ) and semiconductor connectivity

firm Astera Labs ( ALAB ), several companies including Cato

Networks and Synechron have kicked off preparations to go

public.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik

makes cloud-based ransomware protection and data-backup

software. The company serves more than 6,000 business customers,

including Nvidia ( NVDA ) and Home Depot ( HD ).

Rubrik's subscription annual recurring revenue - which

measures customers' full contract values - grew 47% at the end

of January from a year earlier, according to its IPO filing. It

also disclosed a loss of $354 million on revenue of $628 million

for the 12 months ended Jan. 31, compared with a loss of $278

million on revenue of $600 million a year earlier.

Rubrik will list its shares on the New York Stock Exchange

under the ticker "RBRK" on Thursday. Goldman Sachs ( GS ), Barclays ( JJCTF ),

Citigroup ( C/PN ) and Wells Fargo are the lead underwriters for the

offering.