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Microsoft-Backed Startup Seeks Up to $713 Million in IPO

Data security startup to market shares for $28 to $31 apiece

Rubrik to join a growing roster of newly public tech companies

Tweet on Rubrik.inc plans for IPO offering


Rubrik news announcement

Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is seeking to raise as much as $713 million in its initial public offering, as investor appetite for technology listings continues to rebound.

Rubrik plans to market 23 million shares for $28 to $31 each, according to its filing Tuesday with the US Securities and Exchange Commission. At the top of the range, it would have a market value of roughly $5.4 billion, based on the outstanding shares in the document.

The company is set to join a growing roster of newly public technology companies after strong debuts from social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., which have gained after their IPOs met or exceeded their fundraising goals.

The launch of the offering comes just days ahead of the IPO of digital marketing software firm Ibotta Inc., which could raise $551 million in one of the biggest software listings of the past year.

Rubrik was founded in 2013 and released its first product in 2016. It said it now has more than 6,100 customers, including Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. Its clients include governments and universities, as well as an array of companies such as Home Depot Inc., PepsiCo Inc., Illumina Inc., Fiserv Inc. and the Denver Broncos.

Image: Rubrik