Rubrik, which provides a hybrid cloud data management and security platform for enterprises, announced terms for its IPO on Tuesday.
The Palo Alto, CA-based company plans to raise $679 million by offering 23 million shares at a price range of $28 to $31. At the midpoint of the proposed range, Rubrik would command a fully diluted market value of $6.1 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 was founded in 2013 and booked $628 million in sales for the 12 months ended January 31, 2024. It 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 are the joint bookrunners on the deal. It is expected to price during the week of April 22, 2024.
