Microsoft-Backed Rubrik Is Ready to File Next Week for IPO

(Bloomberg) -- 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.

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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.

Rubrik is set to join other companies planning to go public after successes this month by social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., which met or exceeded their IPO fundraising goals and then rose in their trading debuts. Digital marketing software firm Ibotta Inc. and commodities trading platform Marex Group Plc are among the companies that have filed for IPOs in the past week.

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.

(Updates with IPO totals in fourth paragraph.)

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