(Bloomberg) — Rubrik Inc., a data and cloud security startup backed by Microsoft Corp., has attracted about 20 times more orders for its planned IPO than there are shares available, reports said. declared sources close to the matter.
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The company was expected to stop taking orders for its listing on Tuesday at 4 p.m. New York time, 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 stock sale, based on its filings with the U.S. Securities and Exchange Commission.
A representative for Rubrik declined to comment.
The company is marketing 23 million shares for sale at $28 to $31 each. At the high end of the range, Rubrik would have a market value of approximately $5.4 billion, based on outstanding shares filed.
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 bids worth more than 20 times the available shares, Bloomberg News reported.
High levels of subscription allowed Ibotta to increase the size of the offering by nearly 17%, to 6.56 million shares, and price the offering $4 above the high from its marketed range, to $88 per share.
Rubrik’s IPO is expected to be set for Wednesday and trading 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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