Cybersecurity platform Rubrik prices upsized IPO at $32, above the range
Rubrik, which provides a hybrid cloud data management and security platform for enterprises, raised $752 million by offering 23.5 million shares at $32, above the range of $28 to $31. The company offered 500,000 more shares than originally anticipated. At pricing, Rubrik commands a fully-diluted market value of $6.6 billion.
Rubrik is known for its enterprise backup and recovery software. The company built its Rubrik Security Cloud (RSC) with Zero Trust design principles to secure data across enterprise, cloud, and SaaS applications. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. The platform’s broad applicability allows the company to serve organizations of all sizes across a wide range of industries and geographies. As of January 31, 2024, Rubrik had more than 6,100 customers, up from over 5,000 customers as of January 31, 2023, and its average subscription dollar-based net retention rate was 133%.
Rubrik plans to list on the NYSE under the symbol RBRK. Goldman Sachs, Barclays, Citi, Wells Fargo Securities, Guggenheim Securities, Mizuho Securities, Truist Securities, BMO Capital Markets, and Deutsche Bank acted as joint bookrunners on the deal.
