Published 13:15 IST, April 15th 2024

Microsoft backed Rubrik plans to raise $713 million in IPO: Report

Rubrik's plan to go public comes amid signs of a rebound in the US IPO market after a slowdown in 2022-23, following successful IPOs by Reddit and Astera Labs.

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

Rubrik IPO: Cybersecurity software firm Rubrik, backed by Microsoft among other leading investors, aims to raise up to $713 million in its initial public offering (IPO), according to a source familiar with the matter. Based in Palo Alto, California, Rubrik intends to sell 23 million shares priced between $28 and $31 each, said the source on condition of anonymity due to the confidentiality of the discussions. At the upper end of this range, Rubrik's valuation would reach approximately $5.4 billion, although plans are subject to market conditions and could change.

Rubrik's decision to go public comes amid signs of a rebound in the US IPO market after a slowdown in 2022 and 2023. Following successful IPOs by Reddit and Astera Labs, other companies like Cato Networks and Synechron are also preparing to go public.


Founded in 2014 by venture capitalist Bipul Sinha, Rubrik specialises in cloud-based ransomware protection and data-backup software, serving over 5,000 business customers, including Nvidia Corp and Home Depot. According to its IPO filing, Rubrik's subscription annual recurring revenue grew by 47 per cent at the end of January compared to the previous year. However, it also reported a loss of $354 million on revenue of $628 million for the 12 months ended January 31, compared to a loss of $278 million on revenue of $600 million the year prior.

In addition to its IPO plans, Rubrik is contending with a US fraud investigation involving one of its former employees. Launched in October 2023 by the US Department of Justice, the investigation is examining whether the former employee diverted funds from 110 contracts with Rubrik into an operating entity he had established. Rubrik stated in its IPO filing that it is cooperating with the ongoing investigation.


Goldman Sachs, Barclays, Citigroup, and Wells Fargo are serving as lead underwriters for Rubrik's IPO, with the company intending to list its shares on the New York Stock Exchange under the ticker symbol RBRK.

(With Reuters inputs)


13:15 IST, April 15th 2024