Rubrik

In 06/2023 Rubrik hired banks for IPO. The company is working with Goldman Sachs, Barclays Plc and Citigroup Inc for its planned stock market flotation, said the sources, who requested anonymity because the discussions are confidential. Rubrik may raise more than $750M in its IPO, though that may change based on market conditions as the preparations are still at an early stage.

Reuters added that Rubrik is most likely to go public next year, assuming the IPO market becomes more welcoming. There have been very few IPOs this year because the market has been incredibly volatile of late.

In 09/2023 Bloomberg reported Rubrik was on track to hold its initial public offering in 2023 and its investor roadshow could start as early as October. Rubrik could still always move its IPO into next year because of market conditions. The company has held a meeting with research analysts to help them better understand Rubrik’s operations and make growth analyses and predictions accordingly, the people said.

Palo Alto, California-based Rubrik has rounded out a full team of underwriters, adding 7 banks on top of the 3 lead underwriters: Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc, the people added. The new additions include Mizuho Financial Group Inc., TD Cowen and UBS Group AG, they said.

In 10/2023 Rubrik began reviewing whether to delay its listings, according to Bloomberg.

As of 02/2024 Rubrik is still planning to go public in 04/2024 in New York.

In the end of 03/2024 Bloomberg confirmed that Rubrik was going to file for IPO in the beginning of 04/2024.

01.04.2024 Rubrik filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of its Class A common stock. Goldman Sachs & Co. LLC, Barclays, Citigroup, and Wells Fargo Securities will act as lead book-running managers for the proposed offering, with Goldman Sachs & Co. LLC acting as representative of the underwriters.  Guggenheim Securities, Mizuho, Truist Securities, BMO Capital Markets, and Deutsche Bank Securities will act as additional book-running managers. KeyBanc Capital Markets, Cantor, CIBC Capital Markets, Capital One Securities, Wedbush Securities, and SMBC Nikko will act as co-managers.

As of 16.04.2024 Rubrik targets up to $5.4B valuation.

24.04.2024 update: Rubrik Inc. is raising $736M in its initial public offering priced above a marketed range. Rubrik is selling 23M shares for $32 each after marketing them for $28 to $31 each. At that price, Rubrik would have a market value of $5.6B, based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Including stock options and restricted share units, the company’s fully diluted valuation would be closer to $6.6B.

Rubrik’s IPO was 20 times oversubscribed.