Rubrik Inc., a cloud and data security startup supported by Microsoft Corp., is gearing up to file for an initial public offering (IPO) as early as next week, as per individuals familiar with the matter.
While specifics regarding the company’s IPO plans, including the timing, are subject to potential changes, according to the sources who requested anonymity due to the sensitive nature of the information. A spokesperson for Rubrik, headquartered in Palo Alto, California, declined to provide any comments on the matter.
If the filing proceeds as anticipated, Rubrik would join the wave of companies venturing into the public market following the recent successful IPOs of Reddit Inc. and Astera Labs Inc., both of which surpassed their fundraising targets and witnessed positive trading debuts. Other companies, such as Ibotta Inc. and Marex Group Plc, have also filed for IPOs in the past week.
Rubrik has been collaborating on its IPO preparations with Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc., as previously reported by Bloomberg News in September. Sources suggest that the company may aim to raise between $500 million to $700 million through the IPO.
In 2021, Microsoft made an equity investment in Rubrik during a financing round that valued the startup at $4 billion, according to data from PitchBook. Rubrik has garnered support from various backers, including Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, and Khosla Ventures, accumulating a total of $1.18 billion in funding to date, as per PitchBook data.
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