Rubrik, a cloud-based cybersecurity firm backed by Microsoft, has set its initial public offering (IPO) stock price at $32, exceeding its expected range of $28 to $31. The company will sell 23 million shares on the New York Stock Exchange under the ticker RBRK, raising $752 million. The IPO comes amid strong demand, with Rubrik attracting 20 times as many orders as available shares.
Despite continued investment in business expansion, Rubrik reported widening net losses in its latest fiscal year. The company’s subscription ARR rose 47% year over year to $784 million as of January 31, 2024. Rubrik’s IPO follows recent offerings from Reddit and Astera Labs and is part of a growing trend of tech companies entering the public markets.
In its SEC filing, Rubrik attributed its widening losses to ongoing investment in business expansion. Losses were $278 million for the year prior. Rubrik’s IPO follows a string of successful offerings in recent months, including social-media company Reddit (RDTT) and semiconductor technology company Astera Labs (ALAB).
Last month, Rubrik announced a partnership with the AI-native CrowdStrike (CRWD) Falcon XDR platform. This collaboration aims to enhance Rubrik’s data protection capabilities by leveraging CrowdStrike’s threat intelligence and detection technologies. The partnership is expected to strengthen Rubrik’s position in the cloud-based cybersecurity market, where it faces competition from established players such as Symantec and McAfee, as well as emerging startups like Acronis and Veeam.
