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

NEW YORK: Cybersecurity draw firm Rubrik, which counts Microsoft amongst its prominent investors, is aiming to steal as powerful as US$713 million in its preliminary public offering, based on an particular person conversant in the matter.

Palo Alto, California-based Rubrik is planning to sell 23 million shares priced between US$28 and US$31 per share, the source mentioned on condition of anonymity for the explanation that discussions are confidential.

At the higher discontinue of the vary, Rubrik would possibly possibly possibly well be valued at about US$5.4 billion, the source added, cautioning the corporate’s plans are area to market stipulations and would possibly possibly possibly well exchange.

Rubrik didn’t straight away respond to a effect a query to for notify.

Rubrik’s plans to transfer public reach as the US IPO market is exhibiting early indicators of a rebound after stock market launches iced over up for the length of most of 2022 and 2023.

Following the a hit stock market flotations of social media platform Reddit and semiconductor connectivity firm Astera Labs, quite loads of firms in conjunction with Cato Networks and Synechron have kicked off preparations to transfer public.

Founded in 2014 by endeavor capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and recordsdata-backup draw. The corporate serves extra than 5,000 enterprise potentialities, in conjunction with Nvidia Corp and Home Depot.

Rubrik’s subscription annual routine earnings grew 47 per cent on the discontinue of January, when put next to a yr earlier, based on its IPO filing. It additionally disclosed a loss of US$354 million on earnings of US$628 million for the twelve months ended Jan 31, when put next with a loss of US$278 million on earnings of US$600 million a yr earlier.

Alongside its plans to transfer public, Rubrik is additionally handling a US fraud investigation into one among its extinct staff.

The probe became launched in October 2023 and is being conducted by the US Division of Justice, which is looking out into whether or no longer the extinct employee diverted funds paid by the US govt for 110 contracts with Rubrik into an working entity he had created, Reuters reported in February.

In its IPO filing, Rubrik mentioned 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 list its shares on the Unique York Stock Alternate below the ticker RBRK.