Rubrik, a Microsoft-backed cloud and data security startup, has filed for an initial public offering.
Goldman Sachs & Co. LLC, Barclays, Citigroup, and Wells Fargo Securities will act as lead book-running managers for the proposed offering, with Goldman Sachs & Co. LLC acting as representative of the underwriters.
Founded in 2014, Rubrik plans to list its Class A common stock on the New York Stock Exchange under the symbol ‘RBRK’. The company did not disclose the size and other terms of the offering.
Rubrik may be looking to raise $500M to $700M through the offering, Bloomberg News reported last week. The Palo Alto, California-based firm was valued at $4B after Microsoft (NASDAQ:MSFT) invested in the firm in 2021.
Net proceeds from the offering, along with existing cash, cash equivalents, and short-term investments, will be used to satisfy “anticipated tax withholding and remittance obligations related to the settlement of certain outstanding restricted stock units in connection with this offering,” the company said in the filing.
Any remaining proceeds may be used for general corporate purposes, acquisitions of or strategic investments in complementary businesses, products, and services.
Rubrik’s filing follows successful offerings in the past month from social-media company Reddit (RDDT) and semiconductor technology company Astera Labs (ALAB). Digital marketing company Ibotta and commodities trading firm Marex Group have filed for offerings.
As of January 31, 2024, Rubrik had 1,742 customers generating more than $100,000 in subscription annual recurring revenue (ARR) and 99 customers generating more than $1,000,000 in subscription ARR.
The firm saw its subscription ARR rise 47% Y/Y to $784M as of January 31, 2024. However, net losses widened to $354.2M in fiscal 2024, with the company attributing this to continued investment in expanding its business.