Lexington, Kentucky-based Rubicon Technologies Inc. (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of software-based products for businesses and governments worldwide, officially began trading on the New York Stock Exchange on Tuesday.
Rubicon was founded in Lexington by its current chairman and CEO, and ninth-generation Kentuckian, Nate Morris. The company maintains its global headquarters in the city.
"This is a great day for Rubicon, a company I started right here in Kentucky with a $10,000 line of credit and maxed out credit cards," said Morris in a news release. "It is a great day for Kentucky, because it shows that a world-class technology company can be founded and thrive right here in the commonwealth, and that innovation isn’t limited to the East or West Coasts."
In the 230-year history of the New York Stock Exchange, Rubicon is only the ninth Kentucky company to be publicly traded there, joining such established brands as KFC (now part of Yum Brands Inc.), Brown-Forman Inc., Humana Inc. and Valvoline.
Rubicon plans a historic commemoration of the listing at the NYSE in the coming months.
"When we ring the opening bell to celebrate our listing, we will be the first company to proudly fly the Kentucky flag from the iconic New York Stock Exchange façade," Morris said. "Rubicon is America’s technology company, and we are on a mission to end waste and create a cleaner, healthier and safer America for all. Listing on the New York Stock Exchange is a key step forward in our growth."
The listing drew praise from a wide range of Kentucky leadership.
“Rubicon is a great example of how an innovative company can thrive in the commonwealth and achieve success," said Gov. Andy Beshear. "I look forward to following the company’s continued growth, and I cannot wait to see what’s next for Rubicon in Kentucky.”
“We are so proud that a Kentucky-based company, with a Kentuckian at the helm, has reached this level," said Ashli Watts, president and CEO of the Kentucky Chamber of Commerce in the release. "This is a shining example of the innovation and entrepreneurship of the Commonwealth and we congratulate Kentucky Chamber board member Nate Morris and Rubicon on this achievement.”
Earlier this month, LBF's Haley Cawthon laid out the three things to know about Rubicon as it prepared to go public via a special purpose acquisition company. Rubicon's valuation is about $1.7 billion.
Some financial details about Rubicon
Rubicon is projecting revenues of $736 million in 2022, up from $539 million last year, according to a July investor presentation.
In spite of that growth, the company expects to continue to operate at a multimillion-dollar loss for now. In 2021, it recorded a loss of $72.6 million, as expenses outweighed revenue. In 2022, the anticipated loss will be lower at $66.4 million.
This is pretty common with a lot of scaling companies — which is why so many startups require venture capital to continue to grow. Prior to relocating its headquarters to Lexington, Rubicon completed several fundraises, including a $50 million Series E investment in 2017, which put the company at a $1 billion valuation.
