Rubrik completes IPO, boosting fundraise to $752m

The data security firm becomes the first cybersecurity vendor to go public in more than two years.

Rubrik completed its initial public offering Wednesday, becoming the first cybersecurity vendor to go public in more than two years.

The offering saw high demand from investors and the data security firm priced its IPO shares at $32 a piece. That's above the previous expected range of $28 and $31 a share.

Rubrik sold 23.5m shares in the offering, the company disclosed Wednesday evening, raising $752m. The IPO gives the company an initial market capitalization of $5.6bn, according to reports from Reuters and CNBC.

Shares in the company are expected begin trading Thursday on the New York Stock Exchange under the symbol "RBRK."

company publicly filed its intentions for a planned IPO with the US Securities and Exchange Commission after nearly a year of preparing for it.

Rubrik's annual recurring revenue climbed 47 percent to $784m as of 31 January, up from $532.9m a year earlier, the company has disclosed in its IPO-related SEC filings. Total revenue rose 5 per cent to $627.9m as of the end of January.

The company has disclosed a net loss of $354.2m for its fiscal 2024, ended at the close of January, which widened from $277.7m during the prior fiscal year.

The company has reported having more than 6,100 customers as of the end of January, up from 5,000 customers a year earlier.

Last year, Rubrik CEO Bipul Sinha, who co-founded the company in 2014, contended in an interview with CRN US that Rubrik stands alone in offering data security built on zero-trust principles.

Rubrik becomes the cybersecurity industry's first vendor to complete an IPO since ForgeRock, which went public in September 2021. The company went on to be taken private by investment firm Thoma Bravo and merged with Ping Identity in August 2023.

Other security vendors reportedly eyeing an IPO include Snyk, Cato Networks and Claroty. Sanjay Poonen, CEO at Rubrik competitor Cohesity, recently told CRN US that his company has delayed its IPO plans amid its planned acquisition of Veritas' data protection business.