Microsoft-Backed Rubrik’s IPO Is 20 Times Oversubscribed

Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., has drawn about 20 times as many orders for its planned initial public offering as there are available shares, people familiar with the situation said.

The company was set to stop taking orders for its listing at 4 p.m. New York time on Tuesday, the people said, asking not to be identified as the information isn’t public. Rubrik is set to raise as much as $713 million in the first-time share sale, based on its filings with the US Securities and Exchange Commission.