Rubrik Inc., a startup specializing in cloud and data security backed by Microsoft Corp., plans to file for an IPO as early as next week, according to people familiar with the matter.
The details of the company's plans, including the timeline, may still change, said the people who wished to remain anonymous as they were speaking about confidential information. A spokesperson for Rubrik, based in Palo Alto, California, declined to comment.
The submission would expand the list of companies that want to go public following the successes of this month's IPOs from social media platform Reddit Inc. and semiconductor interconnect company Astera Labs Inc., which met or exceeded their IPO funding targets and then rose in their trading debut. Digital marketing software company Ibotta Inc. and commodity trader Marex Group Plc are among the companies that applied for IPOs last week.
Rubrik Worked on Its IPO Plans with Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc., as Bloomberg News Reported in September. The Company Could Raise $500 Million to $700 Million in an IPO, According to the Report.
Microsoft made an equity investment in Rubrik in 2021 in a funding 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, PitchBook data show.
