Rubrik completed its initial public offering, becoming the first cybersecurity vendor to go public in two years.
The offering was met with demand from investors, and the data security firm priced its IPO shares at £25.60 each. That’s above the previously anticipated range of £22.40 and £24.80 per share.
As disclosed by the company, Rubrik sold 23.5 million shares in the offering, raising £601.6 million. According to reports from Reuters and CNBC, the IPO values the company at an initial market capitalisation of £4.48 billion.
Shares in the company began trading on the New York Stock Exchange under the symbol “RBRK.”
After nearly a year of preparation, the company publicly filed its intentions for a planned IPO with the US Securities and Exchange Commission.
As of 31 January, Rubrik’s annual recurring revenue surged by 47 per cent to £627.2 million, up from £426.32 million a year earlier, as revealed in its IPO-related SEC filings. Total revenue increased by 5 per cent to £502.32 million as of the end of January.
The company reported a net loss of £283.36 million for its fiscal year 2024, which concluded at the end of January, widening from a loss of £222.16 million during the previous fiscal year.
As of the end of January, the company has over 6,100 customers, an increase from 5,000 customers a year earlier.
Rubrik is the first cybersecurity industry vendor to complete an IPO since ForgeRock, which went public in September 2021. Investment firm Thoma Bravo later took the company private and merged with Ping Identity in August 2023.
Other security vendors considering an IPO are Snyk, Cato Networks, and Claroty. Rubrik’s competitor, Cohesity, recently postponed its IPO plans amid its ongoing acquisition of Veritas’ data protection business.
