Rubrik slightly upsized its NYSE IPO and priced the offering above range for proceeds of US$752m, in doing so consummating the year's first software new issue.
Late on Wednesday, the Microsoft-backed cybersecurity software firm sold 23.5m shares or 13% of outstanding at US$32.00 versus the US$28–$31 marketing range.
The syndicate led by Goldman Sachs, Barclays, Citigroup and Wells Fargo closed the order books more than 20x covered late on Tuesday, prompting talk the offering could price even higher.
The number of shares in the offering was increased modestly from 23m shares at launch.
The final terms give Rubrik a fully diluted market cap of around US$6.6bn and, according to bankers, value Rubrik at an EV/revenue multiple of around 6x, a roughly three-turn discount to a high-growth comp set with a median multiple of around nine.
On Tuesday, the syndicate said the offering had seen strong conversions from meetings with mutual funds/long-only investors, pointing to wide participation in the first US software IPO of the year and only the second since late 2021.
The shares are expected to begin trading on the NYSE under the symbol "RBRK" on Thursday.
The VC-backed company, founded in 2013 and now serving 6,000 customers, made a net loss of US$354.2m last year.
Investors instead focused on Rubrik's 47% growth in subscription revenue, even though about 60% of this growth came from existing customers migrating from perpetual licenses with maintenance contracts to its new cloud product. Because of this, Rubrik's overall top-line grew only 5% last year, though analysts still expect 35%-40% growth in the year ahead or better than most publicly traded software firms.