Advertisement

Updated April 2nd, 2024 at 10:16 IST

Rubrik, Microsoft-backed cybersecurity platform, files for US IPO amid market recovery

Based in Palo Alto, California, Rubrik garnered a valuation of $4 billion following an investment by Microsoft in 2021.

Reported by: Business Desk
Rubrik IPO news
Rubrik IPO news | Image:Rubrik
Advertisement

Rubrik IPO News: Rubrik, a cybersecurity platform backed by Microsoft, has filed for an initial public offering (IPO) in the United States, the company announced in a filing on Monday. This move contributes to a growing trend of companies tapping into capital markets following a two-year period of subdued activity.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik specialises in cloud-based ransomware protection and data-backup software, catering to a client base of over 6,000 customers, including prominent names like Nvidia and HomeDepot.

Advertisement

Based in Palo Alto, California, Rubrik garnered a valuation of $4 billion following an investment by Microsoft in 2021.

The IPO filing from Rubrik comes amidst a broader resurgence in public listings on Wall Street, spurred by successful debuts of companies such as Reddit and Astera Labs. Additionally, investor sentiment remains optimistic, anticipating a decrease in borrowing costs.

Advertisement

Reuters broke the news first that Rubrik intends to go public in New York as early as April, against the backdrop of a US fraud investigation involving one of its former employees.

According to the filing, Rubrik reported a larger net loss of $354.2 million for the fiscal year ending January 31, compared to $277.7 million in the previous year. The company also stated that it does not foresee paying any cash dividends in the foreseeable future.

Advertisement

However, during the same period, Rubrik experienced a substantial 47 per cent year-on-year increase in subscription annual recurring revenue (ARR), contributing to a 5 per cent rise in total revenue to $627.9 million compared to the previous year.

Rubrik has not disclosed the size of the offering but plans to list Class A common stock on the New York Stock Exchange under the symbol 'RBRK'.

Advertisement

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are among the underwriters participating in the offering.

(With Reuters inputs.)

Advertisement

Published April 2nd, 2024 at 09:01 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

LSG vs DC
3 minutes ago
MEA Spokesperson Randhir Jaiswal
5 minutes ago
Ram Temple Wasn't and Will Never Be Election Issue: PM Modi
6 minutes ago
'Unhappy? Don’t Come to Work': Chinese Company Introduces Unhappy Leaves For Employees
14 minutes ago
FMCG's history of misleading ads
17 minutes ago
Bogota Water Crisis
25 minutes ago
Kerala: Two Men Found Dead Due To Suspected Drug Overdose
25 minutes ago
Meta news tab shutdown
27 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo