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Rubrik IPO Prices at $32, Raises $752M, Market Cap Hits $5.6B, Surges 20% on Debut

Apr 25, 2024, 07:39 AM

Rubrik, a Microsoft-backed cloud and data security startup, recently priced its IPO at $32 per share, significantly above the anticipated range of $28-$31. This pricing led to the company raising $752 million by offering 23.5 million shares, resulting in a market valuation of approximately $5.6 billion and a fully diluted valuation of $6.6 billion. The IPO was notably oversubscribed, with demand reaching 20 times the number of available shares. Rubrik's successful IPO is seen as a pivotal moment for the software industry, potentially influencing future software IPOs. The company's shares surged by 20% in their NYSE debut.