(Bloomberg) -- 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.  

A representative for Rubrik declined to comment. 

The company is marketing the sale of 23 million shares for between $28 and $31 each. At the top of the range, Rubrik would have a market value of roughly $5.4 billion, based on the outstanding shares in the filings. 

The oversubscription level Rubrik has received so far is comparable to that of digital marketing software firm Ibotta Inc., which listed on the New York Stock Exchange last week. Ibotta’s $577 million offering drew offers for more than 20 times the available shares, Bloomberg News has reported. 

The heavy subscription levels allowed Ibotta to increase the offering size by nearly 17% to 6.56 million shares, and price the offering $4 above the top end of its marketed range, at $88 per share. 

Rubrik’s IPO is expected to price Wednesday and trade Thursday. 

Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc. and Wells Fargo & Co. are leading the offering. The company plans to list its shares on the New York Stock Exchange under the symbol RBRK.

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