Microsoft-backed Rubrik prices US IPO above range at $32 per share

Rubrik, the cybersecurity software startup that counts Microsoft 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 US 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 and semiconductor connectivity firm Astera Labs, 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 and Home Depot.
 

Rubrik's subscription annual recurring revenue - which measures customers' full contract values - grew 47 per cent 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, Barclays,
Citigroup and Wells Fargo are the lead underwriters for the offering.
 

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