Despite a 47% year-over-year surge in subscriber growth and increasing revenues, Rubrik reported a loss of $354 million in the fiscal year ended Jan. 31, nearly 30% more than the prior year. The company's IPO filing shows plans to raise up to $100 million, but Renaissance Capital suggests the deal could raise up to $500 million. This indicates that investors are not deterred by money-losing companies as the IPO market revives.
Key takeaways:
- Rubrik, a Microsoft-backed data management software company, is going public on the New York Stock Exchange under the ticker symbol RBRK, with an expected offering price of $28 to $31 per share.
- The company raised $752 million by selling 23.5 million shares ahead of its debut, valuing the company at $5.6 billion.
- Rubrik has an AI product, a chatbot named Ruby, and has its own AI governance committee to mitigate risks associated with AI technology.
- Despite seeing revenue climb and subscriber growth surge 47% year-over-year, Rubrik reported a loss of $354 million in the fiscal year ended Jan. 31, nearly 30% more than the prior year.