According to Futu News on April 26, it is backed by$Microsoft (MSFT.US)$A cloud computing and cybersecurity startup$Rubrik (RBRK.US)$It officially appeared on the New York Stock Exchange on April 25. The company closed up 15.63%. As of press release, it had risen 2.43% after the market, with a market capitalization of nearly US$6.5 billion. It had previously been overpurchased by 20 times.
Market Source: Futu Securities Securities>
According to reports, the final price of RubriKipo was 32 US dollars per share, which exceeded the previous market's expected pricing range. The company originally planned to issue 23 million shares at a price of $28 to $31 per share. According to recent company documents, Rubrik added 575,000 additional issued shares to the original level. After expanding the scale of the IPO, it plans to raise 752 million US dollars, with a market valuation of over 5.6 billion US dollars.
Microsoft and Bain Capital are shareholders
Rubrik continues in March$Reddit (RDDT.US)$und $Astera Labs (ALAB.US)$Afterwards, the US stock was the third major venture capital-backed tech company IPO this year, led by Goldman Sachs, Barclays, Citibank, and Wells Fargo.
According to market sources, Microsoft made an equity investment in Rubrik as early as 2021. After this round of financing, the market valued the company at $4 billion.
In partnership with Microsoft, Rubrik promised to spend $220 million over 10 years to use Microsoft's cloud computing platform Azure. The company will use Azure as its data security solution and prioritize the provision of Azure's public cloud capabilities to customers.
In addition to Microsoft, Rubrik has the support of many well-known institutions. According to data provider PitchBook, Rubrik's supporters also include Bain Capital Ventures (Bain Capital Ventures), Lightspeed Venture Partners (Lightspeed Venture Partners), Greylock Partners, and Khosla Ventures.
To date, Rubrik has raised over $1.1 billion. Lightspeed subsidiaries own about 24% of the company's Class B shares, while Greylock's shareholding ratio is about 12%.
Company Overview
Rubrik was initially founded by venture capitalist Bipul Sinha in 2014 to provide cloud-based data security services, serving more than 6,000 enterprise customers, including$NVIDIA (NVDA.US)$,$Home Depot (HD.US)$and other well-known listed companies.
On the financial side, Rubrik's subscription revenue has been growing steadily over the years. Total revenue as of January 31, 2024 was US$627 million and net loss was US$355 million; total revenue for the year ended January 31, 2023 was US$599 million, and net loss was US$278 million.
The prospectus states: In order to seize market opportunities, the company continues to invest in expanding its business and improving solutions. As a result, there were net losses in both fiscal year 2023 and fiscal year 2024.
It's worth mentioning that as of January 31, 2024, Rubrik had 1,742 customers, each with an ARR subscription of over $100,000.
In addition to regular customers, Rubrik has also gained significant market share among high-value customer groups. The company has 99 high-end customers, each with ARR subscriptions of over $1 million, providing a stable and significant revenue stream.
Kiran Choudary, head of finance at Rubrik, said, “We measure our business based on subscription annual recurring revenue (Subscription ARR). ARR subscriptions are a key indicator of the company's success in attracting new subscribers and maintaining and expanding existing subscription customer relationships.”
The boom in artificial intelligence
Rubrik's listing is catching up with the 2024 AI and tech company IPO boom. This wave includes Reddit and semiconductor equipment manufacturer Astera Labs, two companies that previously met or surpassed their IPO fundraising targets.
According to Bloomberg data, in the first quarter, Reddit and Astera Labs drove the total amount of capital raised by the US Exchange through IPOs to reach 9.6 billion US dollars, the best quarterly performance since the same period in 2022.
At the time Rubrik went public, the recent boom in the US stock IPO market may have helped investment sentiment. In addition, the recent boom in artificial intelligence has also spurred$Salesforce (CRM.US)$Other industry giants are betting on a new round of technology investment, which may also benefit companies like Rubrik.
According to public data, since the beginning of this year, companies listed on the US exchange have raised more than US$12.2 billion in total, more than double the same period in 2023. Among them, more than 20 companies have raised more than 100 million US dollars, covering various fields from sporting goods to safety testing.
Related reading:Rubrik prospectus
Editor/Danial