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Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is planning to file as soon as next week for an initial public offering, according to people familiar with the matter.
Details of the company’s plans, including the timing, could still change, said the people, who asked not to be identified discussing confidential information. A spokesperson for Palo Alto, California-based Rubrik declined to comment.
This year, 48 companies have raised about $9.6 billion via IPOs on US exchanges, according to data compiled by Bloomberg. That’s up from $3.8 billion by 46 companies in the first quarter of 2023.
Rubrik had been working on its listing plans with Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. and could seek to raise $500 million to $700 million in an IPO, Bloomberg News reported in September.
The company confidentially submitted its IPO plans to the US Securities and Exchange Commission earlier. In its upcoming public filing, Rubrik will disclose details of its finances and operations.
Microsoft made an equity investment in Rubrik in 2021 in a financing round that valued the startup at $4 billion, according to data provider PitchBook. Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised $1.18 billion to date, the PitchBook data shows.
First Published: Mar 30 2024 | 6:01 PM IST
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