Tag: rubrik
Rubrik listing underlines strength of cyber sector
The cyber sector has received another boost with the initial public offering (IPO) of shares in Microsoft-backed cloud-based cybersecurity firm Rubrik, valuing the company at around $6.5 billion. Last week also saw that US private equity (PE) firm Thoma Bravo is to take UK cybersecurity company Darktrace private in a deal valuing the firm at over $5 billion. Orders for Rubrik’s IPO were reported to be oversubscribed for 20 times the 23.5 million shares on offer, with half of the shares allocated to top institutional investors. This investor appetite for the cyber stock is being seen as a testimony to the robustness of the cybersecurity sector, as Rubrik posted operating losses of $307 million last year. But it is the company’s current growth curve that seems to have spurred on investors, with annual recurring revenues reported at $784 million as of the end of 2023, up 47% on the year before.