Rubrik managed to sell its shares for a higher price than originally expected before the IPO today. This will enable the cloud data and security specialist to raise a higher amount of 752 million dollars (701 million euros), it is expected.
The higher amount that Rubrik can raise during its IPO today is mainly the result of the higher price per share than expected. Bloomberg reports this. The cloud data and security specialist had planned to list 23 million shares for between $28 and $31. Ultimately, these shares fetched $32.
In addition, Rubrik has made another 500,000 shares available for the IPO. The upcoming listed company wants to offer even more interested parties the opportunity to acquire a share. The original offering of available shares was up to 20 times oversubscribed. As a result, Rubrik has even considered putting the shares on the market for $34 each.
In total, the IPO today should raise Rubrik $752 million. Previously, an amount of $713 million was targeted. The market value of the company should be approximately $5.6 billion (5.2 billion euros) based on the outstanding shares. Combined with employee stock options and protected shares, the total market value should amount to $6.6 billion.
Benefiting from AItree
Rubrik is particularly interested in investors because of its current AItree. In addition, the company has received considerable support in recent years from various investors, such as Microsoft and private equity parties such as Bain Capita, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures. These investments previously brought the company value to around $4 billion.
Still making losses
The sky-high amounts expected at the IPO are in contrast to the actual financial situation at Rubrik. The company is still making losses.
In the last fiscal year, Rubrik posted revenues of $627.9 million. That was five percent more than in the previous fiscal year. Still, the net loss amounted to $354.2 million. This was more than in the previous fiscal year, when a loss of $277 million was incurred.
Also read: IPO should raise Rubrik $713 million
