Microsoft-Backed Rubrik Sets Sights on $713 Million IPO Goal

Rubrik's IPO ambition: Microsoft-backed firm eyes $713 million target

Rubrik, a cybersecurity software firm, has prominent investors in Microsoft. According to a person familiar with the matter, the firm aims to raise US$713 million for its initial public offering. 

In California, Palo Alto Palo-based Rubrik has 23 million and plans to sell US$28 and US$38 per share, a source said on condition of anonymity because of the confidentiality discussion. 

The added source warns that at the surge end of the range, US$54 billion would be valued in Rubrik. The firm's plans are subject to cloud changes and market conditions.

The U.S. IPO market Rubrik's plans to go public show early signs of showing a return after launches. The stock market froze up during most of 2022 and 2023.

Following the booming stock market, flotations platforms of social media, Reddit(RDDT.N), Astera Labs semiconductor connectivity firm, and several firms, including Cato Networks and Synchron, have kicked off organizations to go public.

 Venture capitalist Bipull Sinha founded Rubrik in 2014. The firm offers ransomware cloud-based protection and software data backup. It serves more than 5,000 business customers, including Home Depot (HD.N.) and Nvidia Corp. (NVDA.O.). 

The annual subscription of Rubrik's recurring revenue grew 47% at the end of January compared with earlier years. The IPO filling, according to a disclosed loss of US$354 million in revenue of US$628 million for Jan 31st, ended in 12 months, losses compared with US$278 million revenue of the earlier year US$600 million.  

Along with the plan going public, U.S. fraud investigations are handling Rubrik's into one of its previous employees.

The U.S. Department of Justice launched the review in October 2023, and it is currently being carried out. It is looking which previous employees diverted funds paid by the U.S. government for 110 contracts with Rubrik into an operating entity created. 

In its IPO filing, Rubrik said it is cooperating with this ongoing investigation.

Citigroup, Barclays, Goldman Sachs, and Wells Fargo are lead underwriters for Rubrik's IPO. The plan is to list the firm and its shares on the New York Stock Exchange under the ticker RBRK.