Microsoft-backed Rubrik to submit IPO papers, the upcoming week

Bloomberg data shows that 48 businesses have raised almost $9.6 billion through initial public offerings (IPOs) on US markets this year.

Money

By Sneha Sengupta On Mar 30, 2024

According to sources familiar with the subject, Microsoft Corp.-backed cloud and data security firm Rubrik Inc. plans to file for an IPO as early as next week.

The individuals, who wished to remain anonymous while discussing sensitive information, stated that specifics on the company’s intentions, including the timeframe, could yet change. A representative at Rubrik, located in Palo Alto, California, declined to comment.

Following the success of semiconductor connectivity startup Astera Labs Inc. and social media platform Reddit Inc. this month, Rubrik is poised to join other businesses aiming to go public. Among the businesses that have filed for initial public offerings (IPOs) in the last week are digital marketing software provider Ibotta Inc. and commodities trading platform Marex Group Plc.

Bloomberg data shows that 48 businesses have raised almost $9.6 billion through initial public offerings (IPOs) on US markets this year.

According to a September Bloomberg News story, Rubrik has been engaging with Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc. on its listing plans. The company may try to raise $500 million to $700 million through an IPO.

An earlier version of the company’s IPO plans was submitted in confidence to the US Securities and Exchange Commission.According to PitchBook data, Rubrik has raised $1.18 billion to date from its backers, which also include Greylock Partners, Bain Capital Ventures, Lightspeed Venture Partners, and Khosla Ventures.

Microsoft Rubrik