Rubrik, a cloud-native data security/SaaS tech business, launched its IPO roadshow earlier this week and is expected to start trading as a public company this month.
Here are five things to know:
- RBRK's IPO date — Rubrik is expected to begin trading on the New York Stock Exchange on Thursday, April 25 under the ticker symbol RBRK. Generally, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.
- Shares Offered — the company will be making 23 million shares available. Concurrently, RBRK is planning to issue $450 million worth of senior notes. There is also a 15% greenshoe of approximately 3.45 million.
- Valuation — RBRK's IPO pricing range is between $28 and $31 per share, implying a market cap ranging from $5.3 billion to $5.87 billion.
- Raised Proceeds — The company is looking to raise around $713 million in its IPO.
- Underwriters — The primary underwriter for the Rubrik's IPO is Goldman Sachs. Barclays, Citigroup, Wells Fargo, and 11 other institutions will also be underwriters.
In a note to clients this week, analysts said they see a generative artificial intelligence-related opportunity at the company.
"Gen AI adoption across enterprises unlocks a greater need for companies to be careful to not expose sensitive and proprietary data to LLMs and protect Gen AI data against more sophisticated cyberattacks," said the firm. "Long-term operating model: RBRK's long-term business model appears fairly typical for a SaaS company with RBRK having to travel the farthest as far as Sales & Marketing leverage is concerned."