Rubrik Targets $713 Million in Upcoming IPO Amid Market Rebound

Rubrik Targets $713 Million in Upcoming IPO Amid Market Rebound

Rubrik, a cybersecurity firm backed by Microsoft, aims to raise up to $713 million in its IPO as it lists on the NYSE under ticker RBRK. The company plans to sell shares priced between $28 and $31, with a potential valuation of $5.4 billion.

Cybersecurity company Rubrik, which includes Microsoft as one of its major backers, is targeting up to $713 million from its upcoming initial public offering, a source informed on the matter revealed by Reuters.

Based in Palo Alto, California, Rubrik intends to offer 23 million shares at a price range of $28 to $31 per share, according to the informant who wished to remain anonymous due to the private nature of the talks.

Rubrik Targets $713 Million in Upcoming IPO Amid Market Rebound

Should the IPO reach the higher price point, Rubrik’s valuation could hit approximately $5.4 billion, added the source, noting that these plans might shift depending on market dynamics.

Rubrik has yet to make a comment on these developments.

The move to enter the public market aligns with signs of recovery in the U.S. IPO scene, following a sluggish period through most of 2022 and 2023. This uptick follows high-profile public debuts by companies like social media giant Reddit and tech firm Astera Labs, sparking a wave of IPO activities from other tech entities such as Cato Networks and Synechron.

Established in 2014 by venture capitalist Bipul Sinha, Rubrik specializes in cloud solutions for ransomware defense and data backup, servicing over 5,000 commercial clients, including names like Nvidia Corp and Home Depot.

At the close of January, Rubrik reported a 47% increase in its subscription annual recurring revenue from the previous year, as per its IPO documents. It also reported a financial loss of $354 million against $628 million in revenue for the 12-month period ending January 31, a rise from a $278 million loss on $600 million in revenue the prior year.

In addition to its public offering efforts, Rubrik is also engaged in a U.S. fraud investigation concerning a past employee. Initiated in October 2023, the U.S. Department of Justice is investigating allegations of the ex-staff member misdirecting government payments intended for 110 contracts with Rubrik to his own business, as stated in Rubrik’s IPO documents. The company has declared its cooperation with the ongoing inquiry.

The IPO’s lead underwriters include prominent financial institutions such as Goldman Sachs, Barclays, Citigroup, and Wells Fargo. Rubrik plans to list on the New York Stock Exchange under the symbol RBRK.

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