Microsoft-backed Rubrik aims to raise as much as $713 million in IPO, source says

NEW YORK :Cybersecurity system firm Rubrik, which counts Microsoft amongst its great merchants, is aiming to take as great as $713 million in its initial public offering, per a person conversant in the topic.

Palo Alto, California-based Rubrik is planning to sell 23 million shares priced between $28 and $31 per portion, the provision acknowledged on condition of anonymity since the discussions are confidential.

At the upper extinguish of the vary, Rubrik would possibly maybe perchance maybe maybe be valued at about $5.4 billion, the provision added, cautioning the company’s plans are self-discipline to market stipulations and would possibly maybe perchance maybe even alternate.

Rubrik did no longer straight answer to a put a question to for commentary.

Rubrik’s plans to circulation public reach because the U.S. IPO market is exhibiting early indicators of a rebound after stock market launches iced up up at some level of most of 2022 and 2023.

Following the a success stock market flotations of social media platform Reddit and semiconductor connectivity firm Astera Labs, quite loads of firms along side Cato Networks and Synechron maintain kicked off preparations to circulation public.

Primarily based in 2014 by challenge capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and records-backup system. The corporate serves higher than 5,000 alternate customers, along side Nvidia Corp and Home Depot.

Rubrik’s subscription annual habitual income grew 47 per cent at the extinguish of January, when put next to a year earlier, per its IPO filing. It also disclosed a loss of $354 million on income of $628 million for the twelve months ended Jan. 31, when put next with a loss of $278 million on income of $600 million a year earlier.

Alongside its plans to circulation public, Rubrik is also handling a U.S. fraud investigation into one amongst its old employees.

The probe became as soon as launched in October 2023 and is being implemented by the U.S. Department of Justice, which is asking into whether the old employee diverted funds paid by the U.S. authorities for 110 contracts with Rubrik into an working entity he had created, Reuters reported in February.

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

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead underwriters for Rubrik’s IPO. The corporate plans to checklist its shares on the Current York Stock Trade below the ticker RBRK.