Microsoft-backed cybersecurity platform Rubrik files for US IPO

Mehnaz Yasmin
Updated ·1-min read

By Mehnaz Yasmin

(Reuters) -Rubrik plans to list its shares in a U.S. initial public offering, the cybersecurity platform said in a filing on Monday, adding to a growing wave of companies turning to capital markets after a two-year lull.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software for over 6,000 customers, including Nvidia and Home Depot.

Palo Alto, California-based Rubrik was valued at $4 billion after an investment made by Microsoft in 2021.

Rubrik's IPO filing adds to a growing recovery in public listings on Wall Street following the high-flying debuts of companies including Reddit and Astera Labs, and as investors anticipate a decline in borrowing costs.

Reuters was the first to report that the company plans to go public in New York as early as April amid a U.S. fraud investigation into one of its former employees.

Rubrik posted a bigger net loss of $354.2 million for the year ended Jan. 31, compared with $277.7 million a year ago, it said in the filing, and added that it does not expect to pay any cash dividends in the foreseeable future.

In the same period, its subscription annual recurring revenue (ARR) jumped 47% year-on-year and helped total revenue climb about 5% to $627.9 million from a year ago.

The company, which did not disclose the size of the offering, plans to list Class A common stock on the New York Stock Exchange under the symbol 'RBRK'.

Goldman Sachs, Barclays, Citigroup and Wells Fargo are among the underwriters in the offering.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)

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