$32 Per Share... Exceeding Initial Expectations
The Third 'Big Catch' Following Reddit and Astera Labs
Rubrik, a data security startup invested in by Microsoft (MS), has set its share price at $32, exceeding initial expectations, ahead of its debut on the U.S. stock market on the 25th.
CNBC reported on the 24th (local time), citing sources, that Rubrik's initial public offering (IPO) price was set at $32 per share (approximately 44,086 KRW).
Rubrik plans to sell 23 million shares in the IPO. If successful, it could raise $752 million (approximately 1.0357 trillion KRW), with a company valuation of $5.6 billion (7.7123 trillion KRW).
Rubrik had initially planned to sell shares within the range of $28 to $31 per share (approximately 38,576 to 42,708 KRW), aiming to raise up to $713 million (approximately 982.2 billion KRW). This would have valued the company at $5.4 billion (approximately 7.4385 trillion KRW), so the higher valuation exceeded expectations.
Foreign media analyzed that Rubrik raised its price due to the recent revival of the U.S. IPO market. The U.S. IPO market had been sluggish since late 2021 amid concerns over economic downturns and rising interest rates. However, there is currently a strong IPO trend, especially among technology companies. Astera Labs, which went public last month, saw its stock price surge 72% on the first day, and Reddit jumped about 48%.
CNBC predicted that Rubrik would become the third notable tech IPO "big fish" in the U.S. stock market this year, following Reddit and Astera Labs.
Rubrik provides cloud-based cybersecurity software subscription services. 91% of its total revenue comes from subscriptions. It counts over 6,000 companies as clients, including Nvidia, Barclays, and Home Depot. MS previously invested in Rubrik in 2021 when the company was valued at $4 billion (approximately 5.5108 trillion KRW).
Annual subscription revenue increased by 47% year-over-year as of the end of January. However, according to submitted documents, Rubrik recorded $628 million (approximately 865.1 billion KRW) in revenue and a net loss of $354 million (approximately 487.7 billion KRW) in the last fiscal year. While revenue increased from $600 million (approximately 826.6 billion KRW) the previous year, net loss also rose from $278 million (approximately 383.1 billion KRW).
Rubrik will be listed on the 25th and traded on the New York Stock Exchange (NYSE) under the ticker 'RBRK'.
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