Rubrik, a Microsoft-backed cloud computing and data security startup, plans to file an initial public offering (IPO) as early as next week, according to people familiar with the matter.
Zhitong Finance learned that Rubrik, a cloud computing and data security startup supported by Microsoft (MSFT.US), plans to submit an initial public offering (IPO) application as early as next week, according to people familiar with the matter. According to data provider PitchBook, Microsoft made an equity investment in Rubrik in a 2021 funding round, when the startup was valued at $4 billion. According to PitchBook data, Rubrik has now raised $1.18 billion, and its supporters also include Bain Capital, US Lightspeed Ventures, Greylock Partners, and Khosla Ventures.
Following the successful IPOs of social media platform Reddit (RDDT.US) and semiconductor connectivity company Astera Labs (ALAB.US) this month, the list of companies planning to go public will increase. Both companies have met or surpassed their IPO financing targets and then rose on the first day of trading. Digital marketing software company Ibotta (IBTA.US) and commodity trader Marex Group (MRX.US) were among the companies that applied for an IPO in the past week.
In September of last year, there were media reports that Rubrik had been discussing IPO plans with Goldman Sachs, Barclays, and Citi. According to reports, the company may seek to raise between $500 million and $700 million through an IPO. However, details of the company's plans, including timing, are still subject to change.