SAN FRANCISCO, Monday, April 29, 2024 – Cybersecurity firm Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., has surpassed its initial public offering (IPO) target, raising $736 million.1
The company’s shares priced at $32 each, exceeding the marketed range of $28 to $31. This pricing values Rubrik at a healthy $5.6 billion based on outstanding shares.
Microsoft’s backing bolsters Rubrik’s credibility. The tech giant’s investment in 2021 valued the startup at $4 billion and signaled its confidence in Rubrik’s technology and market potential.
Rubrik also boasts a diverse investor pool that includes Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, and Khosla Ventures.
Rubrik has raised a total of $1.18 billion to date, according to data provider PitchBook.
Additionally, a pre-existing alliance with Microsoft commits Rubrik to spending $220 million over ten years on the Azure cloud computing platform, indicating a strategic partnership.
This successful IPO is seen as a significant milestone for Rubrik by market analysts.
- finance.yahoo.com: https://finance.yahoo.com/news/microsoft-backed-rubrik-tops-ipo-220705849.html[↩]
