Rubrik announced its intention to list its shares in a US initial public offering (IPO), the cybersecurity software startup said in a filing on Monday. This move comes as more firms return to the capital markets following a two-year hiatus.
Rubrik Plans to Go Public
Rubrik, now headquartered in Palo Alto, California, was founded in 2014 by venture capitalist Bipul Sinha. Rubrik was reportedly valued at $4 billion following an investment made by Microsoft in 2021.
The company provides cloud-based ransomware prevention and data backup solutions to more than 6,000 clients. Some of its customers include Home Depot, Nvidia, and Kohl's.
The IPO filing of Rubrik is part of a rising trend of public listings on Wall Street. This trend began with the successful IPOs of Reddit and Astera Labs, and it is expected to continue as investors anticipate a decrease in borrowing costs.
The news first broke in a report by Reuters, which noted that the firm plans to go public in New York as early as April, all while one of its former workers is under investigation for fraud in the US.
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What We Know So Far on Rubrik IPO Plans
According to the filing, Rubrik posted a net loss of $354.2 million for the year ended January 31, up from $277.7 million a year ago. Reuters reported that the company also said that it had no plans to issue cash dividends anytime soon.
Revenue increased by almost 5% to $627.9 million from the previous year, with a 47% year-on-year increase in subscriber annual recurring revenue (ARR).
The firm intends to issue its Class A common stock on the New York Stock Exchange under the ticker symbol 'RBRK,' although it has not revealed the amount of the offering at this time.
Financial institutions such as Wells Fargo, Citigroup, Barclays, and Goldman Sachs are reportedly underwriting the offering.
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