(Bloomberg) – Rubrik Inc., a Microsoft Corp. backed cloud and data security startup plans to file for an initial public offering as early as next week, according to people familiar with the matter.
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Details of the company's plans, including the timeline, could still change, said the people, who requested anonymity to discuss confidential information. A spokesman for the Palo Alto, Calif.-based column declined to comment.
Rubrik will join other companies planning an initial public offering, following the success this month of social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., which met or exceeded their IPO fundraising goals and then at increased in their trading debuts. Digital marketing software company Ibotta Inc. and commodities trading platform Marex Group Plc are among the companies that filed for initial public offerings last week.
According to Bloomberg data, 48 companies have raised about $9.6 billion through initial public offerings on U.S. stock exchanges this year. That's up from $3.8 billion from 46 companies in the first quarter of 2023.
Rubrik had been working on its IPO plans with Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. and could seek to raise $500 million to $700 million in an initial public offering, Bloomberg News reported in September.
The company previously confidentially filed its IPO plans with the U.S. Securities and Exchange Commission. In its upcoming public filing, Rubrik will disclose details of its finances and operations.
According to data provider PitchBook, Microsoft made an equity investment in Rubrik in 2021 as part of a financing round that valued the startup at $4 billion. Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised $1.18 billion so far, PitchBook data shows.
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(Updates with IPO totals in fourth paragraph.)
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