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Rubrik part hit the New York Stock Exchange Thursday , debuting at $ 38 a ploughshare . The cybersecurity company price its shares at $ 32 for each one Wednesday night , just a hair over its initial butt range of $ 29 to $ 31 after raising $ 752 million . This share price give Rubrik a fully diluted valuation of $ 6.6 billion , up 88 % from its last primary valuation of $ 3.5 billion in 2019 .
The store settled at $ 37 a part at the closing of trading on Thursday .
Rubrik deal cloud - based security software to enterprise customers and has 1,700 customers with contracts worth more than $ 100,000 and 100 customers who pay the company more than $ 1 million a year . The Silicon Valley startup was founded in 2014 and has conjure up more than $ 550 million in venture capital letter , according to Crunchbase data .
The VCs most trust that Rubrik ’s stock keeps climbing are Lightspeed and Greylock . Lightspeed support the society in five disjoined rounds , including go the fellowship ’s Series A round back in 2015 . Lightspeed , and those assort with it , own 23.9 % of Rubrik ’s shares prior to the IPO , agree the company’sS-1 filing . The firm ’ conviction in the party might come from the fact that Rubrik cobalt - beginner and CEO Bipul Sinha was formerly a partner at Lightspeed from 2010 to 2014 . Sinha owns 7.6 % of shares .
Greylock holds 12.2 % of Rubrik ’s shares . The venture firm led the startup ’s $ 41 million Series B stave in 2016 and participated in the Series C and Series D rounds as well . Greylock mate Asheem Chandna has sat on the company ’s instrument panel since 2015 .
In addition to Sinha , Rubrik ’s other two co - laminitis keep back notable stakes . Arvind Jain , a co - founder who is now the CEO of AI employment supporter inauguration Glean , holds a 7 % wager . Arvind Nithrakashyap , co - founder and current Rubrik CTO , holds 6.7 % .
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Other heavy - name VCs backed the party , too . Khosla Ventures extend Rubrik ’s Series C round in 2016 ; IVP led the company ’s Series D one shot in 2017 ; and Bain Capital Ventures led the company ’s Series E beat in 2019 . It ’s unreadable what percentage of shares these firms still own , but it ’s under 5 % , as none of these investors were named in the company ’s S-1 . NBA all - virtuoso Kevin Durant ’s Thirty Five Ventures was also an investor .
The results of Rubrik ’s IPO are under more scrutiny than some of the other recent public listings , because Rubrik ’s unveiling looks more like a 2021 IPO and less like the other 2024 IPO . Ibotta debutedas a profitable party . Astera LabsandRedditboth had recently swing to a GAAP nett net income . Rubrik , however , is an unprofitable business organization seeing its loss continue to develop , not shrink .
The company report that its tax income grew a little under 5 % from its fiscal 2023 year to its fiscal 2024 year , grow from $ 599.8 million to $ 627.9 million . At the same time , the company ’s losses continued to grow : Its last losses grow from 46 % in its financial 2023 to 56 % in its fiscal 2024 year .
The company ’s metrics do have a bright spot , however : subscription taxation . In the company ’s most recent fiscal quarter , subscription made up 91 % of the revenue , up from 73 % a class prior . Subscription tax revenue tends to be sticky , and outgrowth there could explain why some investor are more positive about the succeeding prospects of Rubrik despite its current passing and want of profitability .
Rubrik is the 4th speculation - back company to go public in recent months as investors seem eager to reopen the IPO market . All three caller that went before Rubrik — Ibotta , Reddit andAstera Labs — pop out on the first day of trading and have all since settle , some in better positions than others . But none has been a disaster or disconfirming Oman for other likely IPO this year .
While four positive IPO debut could spark more companies to fall off the sidelines , the current guidance that interest group rate cuts may not follow as early in 2024 as many had predicted may put a muffler on the IPO market ’s late momentum .
