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 yesterday and is expected to begin trading today, Thursday, April 25, 2024.
What is Rubrik’s stock ticker?
Rubrik’s stock ticker is RBRK.
