Rubrik's lockup expires: what the cybersecurity IPO's first six months tell us

Rubrik priced its IPO at $32 per share on April 24, 2024 — above its marketed range of $28–$31 — and listed on the NYSE the following morning under the ticker RBRK.

The deal raised approximately $752 million and was led by Morgan Stanley as lead-left bookrunner, with Goldman Sachs as lead bookrunner and Barclays and Citi as joint bookrunners.

Lockup expiration

The standard 180-day lockup expired in October 2024, freeing pre-IPO investors and employees to sell their shares for the first time. Trading volume increased modestly in the days around expiration, in line with the typical post-IPO pattern documented in our lockup guide.

Why it matters

Rubrik is one of the larger cybersecurity IPOs of the post-2022 reset. Its listing — and the absence of a sharp price reaction at lockup — suggests the market is again willing to absorb meaningful insider supply when it is well-managed.