Microsoft-backed Rubrik IPO has 20x subscriptions

(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., has attracted about 20 times more orders for its planned initial public offering than the number of shares available, people familiar with the situation said. .

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The company should stop taking listing requests at 4 p.m. New York time on Tuesday, the people said, asking not to be identified because the information is not public. Rubrik is expected to raise up to $713 million in the first share sale, based on its filings with the U.S. Securities and Exchange Commission.

A representative for Rubrik declined to comment.

The company is marketing the sale of 23 million shares for between $28 and $31 each. At the top end of the range, Rubrik would have a market value of approximately $5.4 billion, based on shares outstanding on the books.

The level of oversubscription Rubrik has received so far is comparable to that of digital marketing software company Ibotta Inc., which listed on the New York Stock Exchange last week. Ibotta’s $577 million offering attracted offers of more than 20 times the shares available, Bloomberg News reported.

High subscription levels allowed Ibotta to increase the size of the offering by nearly 17%, to 6.56 million shares, and set the offering price $4 above the upper end of its marketed range, at $88 per share.

Rubrik’s IPO is expected to be priced on Wednesday and traded on Thursday.

Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc. and Wells Fargo & Co. are leading the offering. The company plans to list its shares on the New York Stock Exchange under the symbol RBRK.

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