Rubrik Inc. Targets $679 Million IPO

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Palo Alto $679M IPO
POLAND - 2024/02/04: In this photo illustration a Rubrik logo is displayed on a smartphone with stock market percentages in the background. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)

Venture-backed data security firm Rubrik Inc. has announced plans for a $679 million initial public offering, seeking to ride the wave of renewed interest in technology stocks.

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Rubrik, based in Palo Alto, California, is advised by Cooley LLP, while underwriters’ counsel is being handled by Latham & Watkins LLP. The company intends to offer 23 million shares priced between $28 and $31 each, aiming to raise $678.5 million at the midpoint of the price range. Trading under the symbol RBRK on the New York Stock Exchange, the IPO is expected to launch the week of April 22.

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At the midpoint of the proposed price range, Rubrik’s valuation could reach approximately $5.1 billion, taking into account the company’s outstanding shares. The firm offers data protection services to government organizations and large enterprises, deploying artificial intelligence and machine learning to identify and tackle emerging threats.

Rubrik CEO Bipul Sinha emphasized the company’s ambition in a letter to investors: “Our goal is to lead the data security market, which we believe is the future of cybersecurity.”

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Rubrik’s financial disclosures reveal significant growth, yet profitability remains elusive. The company reported 6,100 customers and $627.9 million in revenue for the fiscal year ending January 31, 2024, compared to 5,000 customers and nearly $600 million in the previous fiscal year.