While not as high-profile as the Reddit IPO, another tech company is going public today, and it’s got a powerful backer. Cybersecurity firm Rubrik, Inc. will hold its initial public offering in a further sign that the tech IPO market is bouncing back after several lackluster years during which investors seemed to have lost their appetite for tech stock public offerings. Here’s what you need to know.

What is Rubrik?

Rubrik, Inc. is a data security company that helps other companies prevent and manage cyberattacks. One of Rubrik’s main products is the Rubrik Security Cloud, which helps analyze and protect a company’s data across the cloud, enterprise, and SaaS.

Rubrik was founded just over a decade ago in 2014. It is headquartered in Palo Alto, California. According to an S-1 filing with the Securities and Exchange Commission (SEC), Rubrik had over 3,100 employees across 23 countries as of January 31, 2024.

Who are Rubrik’s customers?

Rubrik says it has over 6,100 customers that use its cybersecurity solutions. Some of its biggest name customers include PepsiCo, Allstate, The Home Depot, AMD, Aon, American Family Insurance, and more.

Rubrik now focuses on selling these customers cybersecurity subscription packages, which means the company brings in annual recurring subscription revenue. In Q4 2024, that subscription revenue totaled $784 million, which Rubrik says is 47% year-over-year growth.

When is Rubrik’s IPO?

Rubrik priced shares for its initial public offering (May 15, 2024) and is expected to begin trading today, Thursday, April 25, 2024.

What is Rubrik’s stock ticker?

Rubrik’s stock ticker is RBRK.

Which exchange will Rubrik trade on?

Rubrik shares will trade on the New York Stock Exchange (NYSE).

What is the IPO share price of Rubrik?

The initial public offering price of Class A common stock of RBRK shares is $32. This is above Rubrik’s original estimation of $28 to $31 per share.

How many Rubrik shares are available in its IPO?

According to the company’s press release, there will be 23,500,000 shares of Class A common stock available during its IPO.

How much will Rubrik raise in its IPO?

At $32 per share, Rubrik will raise $752 million from its IPO.

What is Rubrik’s valuation?

After its IPO, Rubrik will be valued at $5.6 billion, according to Reuters.

What is Microsoft’s connection to Rubrik?

The Redmond software giant is an investor in Rubrik, Inc.

What else is there to know?

The IPO market in the United States is showing some hopeful signs, according to a recent report from EY. Although the number of public offerings in the first quarter of 2024 was similar to the same quarter a year ago, the deals were larger. EY reports that proceeds for the period tripled, with seven deals raising more than $500 million, compared to only one deal during the first quarter of 2023.