The IPO Buzz: Rubrik Sets Terms & Launches $678.5 Million IPO

Rubrik (RBRK Proposed), a data security company, unveiled the terms of its IPO – 23.0 million shares at $28.00 to $31.00 to raise $678.5 million – in an S-1/A filing early today (Tuesday, April 16, 2024). The IPO is expected to price next week. This is a New York Stock Exchange listing. The estimated proceeds assume mid-point pricing at $29.50. Rubrik would have a market cap estimated at $5.18 billion, if the IPO is priced at the $29.50 mid-point.

Goldman Sachs and Barclays are leading the team of joint book-runners, which includes Citigroup, Wells Fargo Securities, Guggenheim Securities and Mizuho Trust Securities. 

Rubrik, based in Palo Alto, California, is “on a mission to secure the world’s data,” the prospectus says. 

Cyberattacks are inevitable. Realizing that cyberattacks ultimately target data, we created Zero Trust Data Security to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks. We believe that the future of cybersecurity is data security — if your data is secure, your business is resilient.

“We built Rubrik Security Cloud, or RSC, with Zero Trust design principles to secure data across enterprise, cloud, and software-as-a-service, or SaaS, applications. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. Our platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. We enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility.”

Rubrik also says that “traditional cybersecurity approaches have failed to not only prevent but also provide recovery from increasingly rampant and sophisticated cyberattacks. At the same time, legacy backup and recovery solutions have significant shortfalls in addressing cyber recovery and data security as they were primarily built for operational and natural disaster recoveries. They were not designed to enable reliable recovery from cyberattacks, nor were they designed to natively deliver cyber threat analytics and event response.”

The company is not profitable, according to financial statements in the prospectus.

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