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RBRK : Rubrik Inc

RBRK Stock IPO: 7 Things to Know as Rubrik Starts Trading Today
Wall Street is watching this key IPO closely today

By Samuel O'Brient, InvestorPlace Reporter
https://investorplace.com/2024/04/rbrk-stock-ipo-7-things-to-know-as-rubrik-starts-trading-today/

Software unicorn Rubrik (RBRK) begins trading today on the New York Stock Exchange.
This initial public offering (IPO) could usher in a new chapter for the tech sector.

Operating in a fast-growing market, Rubrik boasts a list of prominent backers and clients.

Since the noteworthy Reddit (NYSE:RDDT) initial public offering (IPO) that rocked markets in March, Wall Street hasn’t witnessed any more exciting trading debuts. However, that looks like it will change today as a fast-growing tech startup begins its journey as a publicly traded company.

Rubrik (NYSE:RBRK) is based out of Palo Alto, California and operates in the cloud data management and security space. Its decision to go public could signal that the tech IPO market is finally mounting a comeback after years of stagnating as investors focused on bigger stocks. Today, Wall Street will be looking to determine whether the RBRK stock IPO will be a crucial turning point for the tech sector, compelling similar companies to follow suit.

Renaissance Capital Senior IPO strategist Matt Kennedy spoke to Fortune about the potential implications of this key trading debut:

“There are dozens of unprofitable tech unicorns waiting to go public. So if this does well, I’d expect a number of those to move forward […] There’s some excitement over finally getting that high-growth tech company. But at the same time, investors will be quick to pull their money out if they don’t see a good result.”

With that in mind, the stakes are high as the RBRK stock IPO begins trading today. What else should investors know about the latest unicorn to go public? Let’s take a closer look.

RBRK Stock IPO: What to Know

Founded in 2014, Rubrik boasts a mission to “secure the world’s data.” Its website claims that, by next year, its cybercrime business will be worth up to $10 trillion.

In an S-1 filing with the U.S. Securities and Exchange Commission (SEC), Rubrik revealed that it ended January 2024 with 3,100 staff members located in 23 countries.

RBRK stock is priced at $32 per share as it begins trading today, which is expected to raise $752 million. That price is higher than the original estimation, which ranged between $28 and $31 per share.

According to a statement released by the company, the RBRK stock IPO consists of 23.5 million shares of Class A common stock.

Reuters reports that, following the IPO, Rubrik will be valued at roughly $5.6 billion “based on the outstanding shares listed in its filing with the [SEC].”

Tech sector leader Microsoft (NASDAQ:MSFT) made an equity investment in Rubrik in 2021. Other backers include Bain Capital Ventures, Lightspeed Venture Partners and Khosla Ventures.

Rubrik’s software is used by many high-profile clients spanning different industries. Its customer list includes Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C), among others.