Data security company Rubrik prices IPO at $32 per share, exceeding expectations
- Rubrik prices IPO at $32 per share
- Priced above the target range of $28 to $31 per share
- Plans to sell 23 million shares of class A common stock
- Implied valuation of $7 billion
- Revenue in January 2024 fiscal year was $627.9 million
- Subscription revenue for the latest year was $537.9 million, up 40%
- Rubrik has more than 6,100 customers, including PepsiCo, Home Depot, and Sephora
Data security software company Rubrik has priced its initial public offering (IPO) at $32 per share, surpassing the target range of $28 to $31 per share. The IPO involves the sale of 23 million shares of class A common stock, resulting in an implied valuation of $7 billion. Rubrik’s revenue for the January 2024 fiscal year was $627.9 million, with subscription revenue increasing by 40% to $537.9 million. The company boasts over 6,100 customers, including major brands like PepsiCo, Home Depot, and Sephora.
Factuality Level: 3
Factuality Justification: The article provides relevant information about Rubrik’s IPO, including pricing, number of shares, underwriters, and key financial figures. However, it contains some misleading information, such as comparing revenue figures without proper context and using terms like ‘misleading’ without clear explanation. The article also lacks depth in analyzing the company’s financial health and market position, and it includes unnecessary details like the percentage stakes of individual investors.
Noise Level: 3
Noise Justification: The article provides relevant information about Rubrik’s IPO, including pricing, number of shares, underwriters, revenue, and key investors. It also discusses the company’s business model shift to the cloud and its competitors. However, the article contains some repetitive information and could benefit from more in-depth analysis on the implications of Rubrik’s IPO and its market position.
Financial Relevance: Yes
Financial Markets Impacted: The initial public offering (IPO) of Rubrik may impact the financial markets, particularly the stock market and the technology sector. It may also impact the venture capital industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the pricing of Rubrik’s IPO, which is a significant financial event. However, there is no mention of any extreme event or its impact.
Public Companies: Rubrik (RBRK)
Private Companies: Lightspeed,Greylock
Key People: Bipul Sinha (Chairman, CEO, and co-founder), Arvind Nithrakashyap (CTO and co-founder), Arvind Jain (Co-founder)
Reported publicly:
www.marketwatch.com 
