Cybersecurity software program firm Rubrik counts Microsoft amongst its distinguished traders and is aiming to boost as much as $713 million in an preliminary public providing, in accordance with individuals acquainted with the matter.
Palo Alto, Calif.-based Rubrik plans to promote 23 million shares at costs between $28 and $31 a share, the individuals mentioned, asking to not be recognized as a result of the discussions are confidential.
Click right here to observe our WhatsApp channel
The individuals added that on the excessive finish of the vary, Rubrik can be valued at about $5.4 billion, and cautioned that the corporate’s plans are topic to market circumstances and will change.
Rubrik didn’t instantly reply to a request for remark.
Rubrik’s plan to go public comes because the U.S. IPO market is exhibiting early indicators of restoration after a freeze on inventory market listings for many of 2022 and 2023.
Following the profitable inventory market rises of social media platform Reddit and semiconductor connectivity firm Astera Labs, a number of firms, together with Cato Networks and Synechron, have begun making ready to go public.
Founded in 2014 by enterprise capitalist Bipul Sinha, Rubrik makes cloud-based ransomware safety and knowledge backup software program. The firm serves greater than 5,000 of his enterprise clients, together with Nvidia Corp and Home Depot.
Rubrik’s annual subscription recurring income was up 47% 12 months over 12 months on the finish of January, in accordance with its IPO submitting. Sales for the 12 months ended January 31 had been $628 million, in contrast with a lack of $278 million on gross sales of $600 million a 12 months earlier. It was additionally revealed that there was a loss.
Alongside its plans to go public, Rubrik can also be dealing with a U.S. fraud investigation into one in all its former workers.
The investigation, which started in October 2023 and is being carried out by the U.S. Department of Justice, reveals {that a} former worker used funds paid by the U.S. authorities for 110 Rubrik contracts to run a enterprise he based. Reuters reported that an investigation is underway to find out whether or not the drug was used within the physique. February.
Rubrik mentioned in its IPO submitting that it’s cooperating with this ongoing investigation.
Goldman Sachs, Barclays, Citigroup and Wells Fargo are the lead underwriters for Rubrik’s IPO. The firm plans to listing its shares on the New York Stock Exchange below the ticker RBRK.