Rubrik, a data management software company backed by Microsoft, has priced its initial public offering (IPO) at $32 per share, above its expected range. The company will sell 23 million shares in the offering, which is expected to raise $752 million. Rubrik will trade on the New York Stock Exchange under the ticker symbol “RBRK”.
Rubrik is a 10-year-old company that provides data management software to businesses. The company’s software can be used to back up data, protect data from ransomware attacks, and manage data in the cloud. Rubrik has been growing rapidly in recent years, and its revenue increased by 47% in the fiscal year that ended on January 31, 2023.
Rubrik is hitting the public market during a slow period for venture-backed tech IPOs. However, the company has strong growth potential and is well-positioned to benefit from the growing demand for data management software. Rubrik’s IPO is a sign that the IPO market is starting to recover after a slow period, and it could pave the way for other tech companies to go public in the coming months.
Some of Rubrik’s key customers include Barclays, Carhartt, and Home Depot. The company’s software is used to protect data in cloud applications and in public clouds, and it can help businesses prevent data loss in the event of a ransomware attack.
Rubrik’s IPO is a major milestone for the company, and it is expected to help the company accelerate its growth. The company plans to use the proceeds from the IPO to invest in new products and expand its sales and marketing efforts.
Bipul Sinha, co-founder and CEO of Rubrik, said in a statement that the company is “excited to embark on this next chapter as a public company.” He added that the company is “confident in our ability to continue to execute on our mission of helping businesses protect their data.”
