Rubrik, Microsoft-backed cybersecurity platform, files for US IPO amid market recovery

by micheljwpn

Rubrik IPO News: Rubrik, a cybersecurity platform backed by Microsoft, has filed for an initial public offering (IPO) in the United States, the company announced in a filing on Monday. This move contributes to a growing trend of companies tapping into capital markets following a two-year period of subdued activity.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik specialises in cloud-based ransomware protection and data-backup software, catering to a client base of over 6,000 customers, including prominent names like Nvidia and HomeDepot.

Based in Palo Alto, California, Rubrik garnered a valuation of $4 billion following an investment by Microsoft in 2021.

The IPO filing from Rubrik comes amidst a broader resurgence in public listings on Wall Street, spurred by successful debuts of companies such as Reddit and Astera Labs. Additionally, investor sentiment remains optimistic, anticipating a decrease in borrowing costs.

Reuters broke the news first that Rubrik intends to go public in New York as early as April, against the backdrop of a US fraud investigation involving one of its former employees.

According to the filing, Rubrik reported a larger net loss of $354.2 million for the fiscal year ending January 31, compared to $277.7 million in the previous year. The company also stated that it does not foresee paying any cash dividends in the foreseeable future.

However, during the same period, Rubrik experienced a substantial 47 per cent year-on-year increase in subscription annual recurring revenue (ARR), contributing to a 5 per cent rise in total revenue to $627.9 million compared to the previous year.

Rubrik has not disclosed the size of the offering but plans to list Class A common stock on the New York Stock Exchange under the symbol ‘RBRK’.

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are among the underwriters participating in the offering.

(With Reuters inputs.)

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