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Rubrik managed to sell its shares for a higher price than initially expected ahead of today’s IPO. This will probably allow the cloud data and security specialist to raise a higher amount of 752 million dollar (701 million euros) than the earlier estimated target of 713 million dollar.

The higher amount Rubrik will be able to raise during its IPO today is mainly due to the higher price per share than expected, Bloomberg reports. The cloud data and security specialist had planned to put 23 million shares on the market for between 28 and 31 dollars. In the end, these shares went for 32 dollars.

In addition, Rubrik added another 500,000 shares to the IPO. This allows the upcoming publicly traded company to give even more interested parties a chance to acquire a share. The original offering of available shares was oversubscribed up to 20 times. As a result, Rubrik even considered putting the shares on the market for $34 each.

Today’s IPO should raise Rubrik 752 million dollars, up from the initial target of 713 million. Based on outstanding shares, the company’s market value should reach about 5.6 billion dollars (5.2 billion euros). Combined with employee stock options and restricted shares, the total market value should reach 6.6 billion dollars.

Taking advantage of the AI boom

Rubrik received particular interest from investors because of the current AI boom. In addition, various investors have heavily backed the company in recent years, including Microsoft and private equity parties such as Bain Capital, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures. These investments previously brought the company value to around 4 billion dollars.

Still operating at a loss

The sky-high sums expected in the IPO contrast with Rubrik’s actual financial situation. The company is still operating at a loss.

In the past fiscal year, Rubrik posted revenue of 627.9 million dollars, five percent more than in the previous fiscal year. Still, the net loss came to 354.2 million dollars, more than in the previous fiscal year, which saw a loss of 277 million dollars.

Read also: Rubrik hoping to raise $713 million with IPO