[Furzel]

Since you just graduated, remember to factor in the learning experience, I'm not familiar with the rails ecosystem but if you are working with some really good developers, you are gonna learn so much which is IMO worth way more than equity. Especially since equity is kinda random ( remember 9 out of 10 startups fails ).

As said in another comment, ask them how they value the equity by bargain, can you raise your wage and take no equity or have more holidays.

A last thing : Try an do some maths, like if you could get +1k/year how high must the exit be for the 0.5% equity to be worth more than the wage raise.