Microsoft-backed Rubrik prices US IPO above range at $32/shr (updated)

Rubrik

25/04/2024 02:58

(Changes sourcing in paragraph 1 to 3)
    By Echo Wang
       NEW YORK, April 24 (Reuters) - Rubrik  RBRK.N , the
cybersecurity software startup that counts Microsoft  MSFT.O 
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.N  and semiconductor connectivity
firm Astera Labs  ALAB.O , 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.O  and Home Depot  HD.N .
    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, Barclays,
Citigroup and Wells Fargo are the lead underwriters for the
offering. 

 (Reporting by Echo Wang in New York and Mrinmay Dey in
Bengaluru; Editing by Anirban Sen, Lisa Shumaker and Rashmi
Aich)
 ((E.Wang@thomsonreuters.com; +13322191785; Reuters Messaging:
@deer_echo_))