Rubrik, a cybersecurity software company, plans to raise $713 million in an initial public offering (IPO). According to a report from Bloomberg, Microsoft is one of the company's major investors.
Rubrik aims to sell 23 million shares at a price of $28 to $31 per share. At its peak, the company could be valued at about $5.4 billion, but the people cautioned that the plan could change depending on market conditions. Palo Alto, Calif.-based Rubrik Inc. intends to sell 23 million shares at prices between $28 and $31 each, according to people familiar with the matter.
Sources claim Rubrik's value will be around $5.4 billion
Rubrik's valuation is capped at around $5.4 billion, according to the report, which warned that the company's plans could change depending on market conditions. Following the downturn in 2022 and 2023, the US initial public offering market is starting to show signs of recovery as of the proposed IPO. Astera Labs and Reddit are his two examples of technology companies that have recently gone public, setting the stage for others to do the same.
Following the successful stock market listings of social media platform Reddit and semiconductor connectivity company Astera Labs, a number of companies, including Kato Networks and Synecron, are preparing to go public. Rubrik is a cloud-based ransomware protection and data backup software provider founded in 2014. More than 5,000 companies offer the service, including retailer Home Depot and computing giant Nvidia.
Rubrik's IPO filing states that its annual recurring revenue from subscriptions grew 47% year-over-year as of the end of January. Additionally, the company posted a loss of $354 million on revenue of $628 million for the 12 months ended Jan. 31, compared to a loss of $278 million on revenue of $600 million a year earlier. announced that it had made a loss.
Rubrik's preparations to go public coincide with the fact that a former employee of Rubrik's sales department is being investigated for fraud in the United States. An investigation into whether a former employee diverted money he received from the U.S. government for 110 contracts with Rubrik to an operating organization he founded will open in 2023, according to a February Reuters article. It started in October.
Goldman Sachs, Barclays, Citigroup and Wells Fargo will lead Rubrik's initial public offering. The company plans to list its shares on the New York Stock Exchange under the ticker RBRK.
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