- Rubrik has filed for an IPO on the New York Stock Exchange under the ticker symbol “RBRK.”
- The company's IPO prospectus follows recent debuts from Reddit and Astera Labs.
- In its most recent fiscal year, Rubrik's net loss rose to $354.2 million from $277.7 million the previous year.
Rubrik, a 9-year-old data security software provider, filed to go public on Monday, becoming the latest venture capitalist-backed company to take steps toward the public markets after a lengthy lull since late 2021.
The Silicon Valley company began selling hardware that allowed companies to secure their data in a modernized way compared to traditional providers in the field. Rubrik then had to evolve into the cloud, where the company now generates the majority of its revenue from software that “detects, analyzes and remediates data security risks and unauthorized user activity,” according to its IPO prospectus.
Competitors include Dell, IBM, Veeam and Cohesity.
Rubrik plans to trade on the New York Stock Exchange under the ticker symbol “RBRK.” Revenue in the fiscal year that ended in January rose about 5% to $627.9 million. The company's net loss widened to $354.2 million from $277.7 million a year ago. More than three quarters of Rubrik's sales in the last financial year went into sales and marketing.
After a dry spell of more than two years, the IPO market has shown signs of life in the last few weeks. In March, social media company Reddit and data center technology provider Astera Labs went public on consecutive days. Both have caught on, sparking optimism that more companies could line up to test the market.
Previously, Instacart and Klaviyo were the last two venture capital-backed tech IPOs in the US in September 2023, but these deals received a lukewarm response on Wall Street and failed to open the window. After a record IPO year in 2021, soaring inflation and rising interest rates pushed investors out of technology and other risky assets, causing technology investment to dry up in public and private markets.
Source: Rubric
The co-founders of Rubrik
Rubrik is led by CEO Bipul Sinha, who invested in cloud management software provider Nutanix before the company's IPO in 2016. Sinha co-founded Rubrik in 2014 along with Arvind Jain, Soham Mazumdar and Arvind Nithrakashyap. Jain is now the co-founder and CEO of Glean, a company that makes software that helps company employees find internal information from various data sources.
Rubrik said in its prospectus that it had paid Glean $356,000 for software since April 2021. Lightspeed Venture Partners investor Ravi Mhatre, a Rubrik director, also sits on Glean's board. Rubrik is backed by Microsoft and has committed to spending $220 million on Microsoft's Azure public cloud over up to 10 years.
Lightspeed, Sinha's former employer and the company that led Rubrik's first round of funding in 2015, is the company's largest shareholder with a 24% stake, the filing said. Greylock Partners is second with a 12% share, followed by Sinha with 7.6%. Jain and Nithrakashyap own 7% and 6.7% respectively.
Like Reddit, Rubrik will run a targeted equity program to offer IPO shares to certain partners, friends and family members.
Rubrik had 3,100 employees and 6,100 customers in January. The company counted on three distribution partners – Arrow Enterprise Computing Solutions, Exclusive Networks and Promark Technology – for 76% of its sales last fiscal year.
—CNBC's Ari Levy contributed to this report.
REGARD: The opening of the IPO window remains to be seen
Comments are closed.