Rubrik Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Rubrik, Inc. has priced its upsized initial public offering of 23.5 million shares of its Class A common stock at $32.00 per share, with an option for underwriters to purchase an additional 3.525 million shares. The stock will trade on the NYSE under the symbol 'RBRK', with an expected trading start date of April 25, 2024. The offering is set to close on April 29, 2024. Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead book-runners for the offering.

Insights

Financial Analyst

The IPO pricing at $32.00 per share and its upsized volume at 23.5 million shares indicate strong investor interest and confidence in Rubrik, Inc. This is bolstered by the company's decision to grant a 30-day option for an additional 3.525 million shares, which suggests anticipation of a robust demand. The role of high-profile underwriters such as Goldman Sachs and Barclays also adds credibility to the offering. Investors should note that these underwriters' involvement typically implies a thorough vetting process. From a financial standpoint, the offering's success could inject significant capital into the company, potentially funding growth initiatives and strengthening the balance sheet. However, investors should be aware of post-IPO volatility and consider the company's fundamentals, market position and growth prospects in comparison to industry peers.

Market Research Analyst

The entrance of Rubrik, Inc. into the public market can stimulate competition within the data management sector. Given that the company begins trading on the New York Stock Exchange under the symbol 'RBRK', the investor enthusiasm on the first day of trading will act as a barometer of market sentiment toward the data management industry. It's important for investors to monitor the initial performance and compare it with that of established competitors. This IPO might also lead to strategic partnerships or acquisitions, reshaping the landscape. Investors should keep a keen eye on the company's post-IPO deployment of capital towards innovation, customer acquisition and potential international expansion.

PALO ALTO, Calif.--(BUSINESS WIRE)-- Rubrik, Inc. today announced the pricing of its upsized initial public offering of 23,500,000 shares of its Class A common stock at a public offering price of $32.00 per share. In addition, Rubrik has granted the underwriters a 30-day option to purchase up to an additional 3,525,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on April 25, 2024, under the symbol “RBRK.” The offering is expected to close on April 29, 2024, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Barclays, Citigroup, and Wells Fargo Securities are acting as lead book-running managers for this offering, with Goldman Sachs & Co. LLC acting as representative of the underwriters. Guggenheim Securities, Mizuho, Truist Securities, BMO Capital Markets, and Deutsche Bank Securities are acting as additional book-running managers. KeyBanc Capital Markets, Cantor, CIBC Capital Markets, Capital One Securities, Wedbush Securities, and SMBC Nikko are acting as co-managers for the offering.

A registration statement related to the shares being sold in this offering was declared effective by the U.S. Securities and Exchange Commission on April 24, 2024. This offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Rubrik

Rubrik is on a mission to secure the world’s data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240424751843/en/

Contacts:

Jessica Moore

Vice President of Communications, Rubrik

415.244.6565

Jessica.Moore@rubrik.com

Melissa Franchi

Head of Investor Relations, Rubrik

781.367.0733

Melissa.Franchi@rubrik.com

Source: Rubrik

FAQ

What is the pricing of Rubrik's upsized initial public offering?

Rubrik priced its upsized initial public offering at $32.00 per share.

How many shares were included in Rubrik's initial public offering?

Rubrik included 23.5 million shares of its Class A common stock in the offering.

When will Rubrik's stock begin trading on the NYSE?

Rubrik's stock is expected to begin trading on the New York Stock Exchange on April 25, 2024.

What is the trading symbol for Rubrik's stock?

Rubrik's stock will trade under the symbol 'RBRK' on the NYSE.

Who are the lead book-running managers for Rubrik's offering?

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead book-running managers for Rubrik's offering.