The technology company Rubrik, which focuses on cloud services and data security, is about to enter the stock market. And investor interest in this company’s shares is really high as part of its initial public offering (IPO).
According to Bloomberg, the demand for Rubrik shares is up to twenty times higher than the number of shares the company offers for sale.
Such high interest can be attributed to its strong position in the field of technology and the support of Microsoft, one of the biggest players in the field. It was with the company of billionaire Bill Gates that Rubrik concluded a strategic collaboration in 2021, which included a capital investment worth four billion dollars.
The IPO of Rubrik thus ranks among the most watched events on the financial markets this year. The company, founded in 2014, expects to raise $713 million in capital from investors through its IPO. Trading in the company’s shares should begin on the NYSE on Thursday (that is, today) in the afternoon under the symbol RBRK.
The company plans to sell 23 million shares at a price range of $28 to $31 per share. If all shares were sold at the maximum price of $31, the market value of the company would reach approximately $5.4 billion, which is more than 127 billion crowns.
During the fiscal year ending in late January, the company saw revenue increase by about five percent to $627.9 million. In addition to the increase in sales, Rubrik’s net loss also increased, to $354.2 million from $277.7 million in the previous year, Reuters reported. In January, the company had 3,100 employees.
Rubrik, similar to the social network Reddit, which entered the stock exchange a month ago, is preparing a program of controlled sales of shares. It will therefore offer a certain number of IPO shares to preferentially selected groups such as business partners, friends or family members.
