Two weeks after the profitable IPOs of Astera Labs and Reddit, one other extremely anticipated identify is coming into the general public market: The cloud knowledge and cybersecurity firm Rubrik, which simply filed its S-1 with the SEC to begin buying and selling on the New York Inventory Alternate below the ticker “RBRK.”
Rubrik was based in 2013 (first as ScaleData Inc., altering its identify the next 12 months) with a deal with defending knowledge saved within the cloud. By 2021, the corporate had a $4 billion valuation. That very same 12 months it entered right into a partnership with Microsoft, which led a funding spherical to construct cybersecurity safety for Microsoft’s cloud service Azure. Amongst Rubrik’s over 6,000 prospects is NVIDIA, a key producer of chips for AI computing.
“We’re defining the way forward for cybersecurity,” CEO Bipul Sinha wrote in a letter that accompanied the submitting. “In right this moment’s world, no authorities or enterprise is proof against cyberattacks. What we do issues.”
Whereas the corporate highlighted $784 million in income from subscriptions for final 12 months, the S-1 additionally confirmed web losses of $354.2 million by January 2024. The submitting additionally confirmed an accrued deficit of $1.7 billion.
Rubrik had been talked about as one of many firms that might assist finish a two-year drought for IPOs, which additionally might have an effect on the personal markets that commerce firms not but registered with the SEC.
The corporate has been gearing up for a potential IPO since at the very least June, when it employed Goldman Sachs, Barclays, and Citigroup to arrange its submitting. On the time, Reuters reported that the corporate anticipated to boost $750 million. These three banks are nonetheless leadering the providing, joined by Wells Fargo, Deutsche Financial institution, and 10 different establishments.
This S-1 didn’t embody an preliminary value for shares however did specify the providing will separate out a portion of the inventory for a direct share program. Reddit had such a program and put aside 1.7 million shares, about 8%, of the overall providing for “tremendous redditors,” a gaggle that features content material moderators and high-volume customers.
Based on Bloomberg, the Reddit and Astera Labs IPOs had been the principle contributors to the overall $9.6 billion raised by IPOs in the course of the first quarter of 2024.
Early buying and selling for each Astera Labs and Reddit confirmed promise, with Astera itemizing at $36 earlier than hovering to $89 and Reddit itemizing at $34 earlier than reaching $65 final week. Each have declined a bit since, with Astera buying and selling north of $71 and Reddit close to $48 as of noon Tuesday.
