Rubrik IPO: Goldman Sachs Leads $713M Offering, Microsoft Partnership

Continuing a run of tech IPOs, Rubrik is set to make waves in the market with its upcoming public offering. According to a recent SEC filing, the company is looking to raise a substantial $713 million when it goes public on the NYSE later this month under the ticker RBRK.

Rubrik’s IPO comes on the heels of other major tech firms like Astera Labs and Reddit, marking a significant shift in the market after a two-year drought of public offerings. With $784 million in revenue and a 40% growth in positive cash flow, Rubrik boasts positive financial indicators that have investors buzzing.

Phil Haslett, co-founder and chief strategy officer for EquityZen, a secondary marketplace for private market companies, believes Rubrik’s IPO will serve as a benchmark for other tech companies considering going public in 2024. The company’s success or failure in the public market could have a ripple effect on the industry, prompting a reevaluation of the standards for becoming a public company.

Rubrik’s amended S-1 filing reveals that the company will offer 23 million shares priced between $28 and $31, potentially generating up to $713 million and giving the company an implied valuation of over $5.4 billion. This valuation would be a significant increase from Rubrik’s value after a 2021 funding round led by Microsoft.

The IPO is being underwritten by top firms like Goldman Sachs, Barclays, Citigroup, and Wells Fargo, among others. The listing is scheduled for April 25, just a week after Ibotta, another tech firm attracting investor attention, is set to debut on the Nasdaq.

Haslett predicts that institutional interest in Rubrik’s IPO could drive shares higher once trading begins, despite potentially lower retail investor attention compared to a household name like Reddit. The pricing range for Rubrik’s shares aligns with trends seen in the secondary market, indicating a strong potential for growth post-IPO.

As the market eagerly awaits Rubrik’s public debut, all eyes will be on the company’s performance and the impact it will have on the tech industry as a whole. With strong financials and a solid reputation in the cloud-based data protection space, Rubrik is poised to make a splash in the public market and set the tone for tech IPOs in 2024.

In conclusion, Rubrik’s IPO is a highly anticipated event that could have far-reaching implications for the tech industry. With a strong financial foundation and reputable underwriters, the company’s public offering is expected to generate significant interest from institutional investors and potentially drive shares to new heights. Stay tuned for Rubrik’s market debut on April 25 and see how this tech giant’s IPO unfolds.

Sources:
Fortune

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