Microsoft-Backed Rubrik Leads Debut Trio Setting Steady IPO Pace

Rubrik Inc. rose 16% in its trading debut after the cloud and data security startup backed by Microsoft Corp. topped its fundraising goal with a $752 million initial public offering, signaling with two other listings sustained demand for first-time share sales.

Orders for Rubrik’s IPO were more than 20 times the 23.5 million shares on offer, said people familiar with the matter who asked not to be identified because the details weren’t public. Half of the shares were allocated to the top 10 long-only institutional investors, with another 20% of the shares going to 15 others, they said.

The demand ...