By Echo Wang
NEW YORK (Reuters) – Rubrik, the cybersecurity software startup that counts Microsoft among its investors, priced its initial public offering at $32 per share on Wednesday above its indicated price range, according to a person familiar with the matter.
Rubrik upsized its IPO to raise $752 million after selling 23.5 million shares, the source said, requesting anonymity as the discussions are confidential. It infers a valuation of $5.6 billion on Palo Alto, California-based Rubrik.
Rubrik did not immediately respond to a request for comment.
Rubrik’s plans to go public come as the U.S. IPO market is 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% at the end of January, compared to 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.
(Reporting by Echo Wang in New York; Editing by Anirban Sen and Lisa Shumaker)
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