Rubrik, which is supposedly supported by Microsoft, plans to submit an IPO application next week and is expected to raise 500 million to 700 million US dollars.
Microsoft-backed cloud computing and data security startup Rubrik Inc. plans to file an initial public offering (IPO) application as early as next week, according to people familiar with the matter.
As confidential information was being discussed, those who asked not to be named said that details of the company's plans, including timing, are still subject to change.
Following the successful IPO of social media platform Reddit and semiconductor connectivity company Astera Las this month, the list of companies planning to go public will increase. Both companies met or surpassed their IPO financing targets and then rose on the first day of trading. Digital marketing software company Ibotta Inc. and commodity trader Marex Group Plc were among the companies that applied for an IPO in the past week.
Bloomberg reported in September that Rubrik has been discussing IPO plans with Goldman Sachs (GS.N), Barclays (BCS.N), and Citigroup (C.N). According to reports, the company may seek to raise between $500 million and $700 million through an IPO.
According to data provider PitchBook, Microsoft (MSFT.O) 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, Lightspeed Ventures, Greylock Partners, and Khosla Ventures.