The cloud and data security firm Rubrik Inc. has filed with the US Securities and Exchange Commission to confirm its intention to carry out an initial public offering.
Rubrik Inc. Prepared for IPO
The company was founded in 2013 and was backed by Microsoft in a 2021 financing round that put Rubrik’s value at $4bn. Rubrik has committed to spending $220m in the next decade to use the Microsoft Azure platform for data security solutions.
Rubrik has raised $1.18bn so far. The filing confirms that Goldman Sachs Group Inc., Citigroup Inc., Barclays Plc., and Wells Fargo & Co. will lead the offering. Once the IPO has been completed, the company will be listed on the New York Stock Exchange under the symbol RBRK.
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It’s not yet known how many shares will be offered and what the price will be, but some sources suggest the RBRK could be looking to raise between $500m and $700m. Reddit (RDDT) and Astera Labs (ALAB) recently carried out IPOs, while other high-profile IPOs, such as Marex Group Plc and Ibotta Inc., are due soon. The $9.6bn raised in US-based IPOs in Q1 2024 is the highest total since the first quarter of 2022.
Bipul Sinha, LinkedIn
The CEO and chairman of Rubrik, Bipul Sinha, stated:
…our mindset, sense of urgency, and risk posture remain as if we were still in the same tiny room as on day one.
The company grew its annual recurring revenue by 47% in the year to 31 January, but with a net loss that grew to $354m from the $278m reported last year.
