Microsoft-backed company Rubrik has filed for an IPO and plans to raise funds to $ 713 million through the initial public offering. The data security company has set the terms and conditions for the upcoming IPO. Interested investors can read the article to know all the details of Rubrik’s IPO.
Rubrik IPO
The Data Security/SaaS tech business, Rubrik filed for an IPO with SEC (Securities and Exchange Commission) at the beginning of April 2024. The company plans to list on the New York Stock Exchange with the RBRK ticker.
According to an SEC filing, Rubrik’s IPO can be open for bidding on NYSE on 25 April 2024 between 10 AM – 2 PM ET. Rubik’s will offer 23 million shares in the upcoming IPO with a set price band of $28 and $31 per share. The prospectus price band could raise the funds from Rubrik’s IPO between $650 million to $713 million.
With a price band of $28 and $31, the valuation of the company ranges from $5.4 billion to $5.8 billion. The brief details related to Rubrik’s IPO are yet to be official, so you have to wait for the exact details.
| Company | Rubrik, INC. |
| Based at | California |
| IPO date | 25 April 2024 |
| Shares offer | 23 million (aggregating up to $700 million) |
| Price band | $28 and $31 per share |
| List at | NYSE |
| IPO Prospectus | https://www.sec.gov/Archives/edgar/data/1943896/000119312524083525/d359771ds1.htm?_sp=64a7fc2d-011b-41fc-b6d3-91ba809c0ef2.1713520926552 |
Rubrik’s IPO Classes of Common Stock
According to Rubrik’s IPO prospectus, the first public offering of Rubik’s will offer a share of Class A Common Stock.
The company has authorized two classes of common stock one is Class A common stock and the other is Class B common stock. According to the SEC filing, the rights of the holders of both classes would remain the same except for the right to vote, transfer rights, and conversion.
The share of Class A common stock will be entitled to one vote, whereas the Class B common stock will have 20 votes and it is convertible to Class A common stock at any time.
Goldman Sachs is the main underwriter of Rubrik’s IPO which will work closely with Rubrik to issue the stock to the public markets.
Apart from Goldman Sachs, Rubrik’s has 11 other financial institutions acting as Underwriters, such as Capital One Securities, KeyBanc Capital Markets, Citigroup, CIBC Capital Markets, Barclays, Wedbush Securities, Guggenheim Securities, Deutsche Bank Securities, Trust Securities, Wells Fargo Securities, and BMO Capital Markets.
Rubrik Financial Report
Rubrik is contributing well to data and cybersecurity to secure data across businesses, cloud, and SAS applications. The organization builds Rubrik Security cloud (RSC) based on Zero Trust design principles to follow the motto never trust, always verify.
The company is serving various organizations of all sizes to secure their data. According to the reports, the company has more than 6100 customers and its retention rate was 133%.
The consolidated financial data made public by Rubrik’s company depicts the following financial report of the company:
| Key indicators | 31 January 2023 | 32 January 2024 |
| Revenue | $599,819 | $627,892 |
| Gross Profit | 417,805 | 482,930 |
| Total Assets | – | 873,610 |
| Loss | $277,746 | $354,158 |
According to the data, Rubrik had a hike of 4.5% growth in total revenue from the past year. But losses have increased from $270 million to $354 million hiking to 27.5%.
However, Rubrik and Microsoft collaboration has backed Rubrik and Rubrik plans to spend $220 million in 10 years to use Azure Cloud Services.
Overall, the company’s investment in futuristic technological advancement can be fruitful in profits in the long run.
Overview of Rubrik’s IPO Listing
With the increase in cyber crimes and data breaches, it’s essential to safeguard the data in this digital era. Rubrik offers solutions for Data and cyber security by detecting, analyzing, and identifying unauthorized user activities.
The need for unconventional methods is growing to safeguard the data and Rubrik’s focus on Zero Trust Principle can make it stand out in the market from the other leaders.
With its listing, it will attract more, and based on reports Rubrik’s could generate revenues exceeding $700 million to $850 million with the listing.
Recently, Reddit’s IPO was a success that initiated the strong momentum and recovery of the US IPO market. With Rubrik’s going for IPO we expect the company will stand on the profitable side with the favorable IPO market.
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