Rubrik leads trio of stock debuts in busy day for IPOs

By Steve Gelsi

Cyber security firm Rubrik and aviation parts maker Loar both price above range, while financial services firm Marex also debuts

Cyber security company Rubrik Inc. and aviation parts maker Loar Holding Inc. both priced their initial public offerings above their estimated price ranges in a bullish sign for their stock market debuts on Thursday.

A third deal is also on deck from Marex Group Plc, a financial services provider specializing in market access and infrastructure services to the energy, commodities and financial sectors.

Rubrik (RBRK) is going public at $32 a share, above its $28 to $31 price range. The Palo Alto, Calif.-based company also boosted the size of the IPO to 23.5 million shares from 23 million and raised $752 million.

Within cybersecurity, Rubrik particularly is focused on data security. The company has been backed by Lightspeed Venture Partners and Greylock Partners. Rubrik's Chief Executive Bipul Shinha also co-founded the company. He's also a partner at Lightspeed. Ravi Mhatre, founder of Lightspeed, is on the company's board of directors.

Loar Holdings (LOAR) offered 11 million shares at $28 a share for proceeds of $308 million. The IPO priced above the estimated range of $24 to $26 a share.

The company has been backed by Abrams Capital Management LP, a Boston-based hedge fund.

Marex Group (MRX) offered 15.38 million shares at $19 a share for proceeds of $292.3 million. The deal priced just below the midpoint of its $18 to $12 estimated range.

Emily Bary contributed

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

04-25-24 0759ET

Copyright (c) 2024 Dow Jones & Company, Inc.