Rubrik prices IPO at $32 per share, above the expected range
Publishing timestamp: 2024-04-24 22:04:11
Summary
Rubrik priced its IPO at $32 per share, above its expected range. The company, backed by Microsoft, raised $752 million and is valued at $5.6 billion. Rubrik has shifted towards subscriptions for cloud-based cybersecurity software, with 91% of revenue coming from subscriptions. Despite revenue growth, the company reported widening losses. Venture firm Lightspeed will have over 25% of voting power following the IPO.
Sentiment: MIXED
Tickers: UNDEFINED, RDDT, ALAB, MSFT,
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Source: https://www.cnbc.com/2024/04/24/rubrik-prices-ipo-at-32-per-share-above-expected-range.html