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Headline : Rubrik valued at $5.6 billion after massively oversubscribed IPO prices above range

Read more from the original article on here at fortune.com.




Tags : #rubrik #valued #56 #billion #massively #oversubscribed #ipo #prices #above #range


No. of Paragraph 10

The much-anticipated IPO of Rubrik, which was 20 times oversubscribed, generated some $736 million as shares exceeded the initial pricing range sought by the Microsoft-backed tech firm. 

The cloud and data startup offered 23 million shares, all from the company, at $32 each, above the range of $28 to $31 cited in the company’s S-1 filing. This puts Rubrik’s valuation at $5.61 billion. As recently as 2021, it was valued more than $4 billion after an investment from Microsoft. 

Fifteen banks worked on the offering, with Goldman Sachs the lead underwriter. Shares are set to begin trading on the New York Stock Exchange Thursday under the ticker RBRK.

Rubrik is the latest tech company to go public in 2024. Last week, shares of Ibotta, the digital marketing company backed by Walmart, rose 17% in their first day of trading, while social media platform Reddit gained 48% in March and chip firm Astera Labs rocketed 72% last month.

Read more from the original article on here at fortune.com.


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