Microsoft-Backed Rubrik Files for IPO: Revenue grows to $628 million, losses widen to $354 million
Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc. and Wells Fargo & Co., according to Monday’s filing with the US Securities and Exchange Commission, confirming a Bloomberg News report. The company plans to list its shares on the New York Stock Exchange under the symbol RBRK.
The size and price of Rubrik’s planned share will be disclosed in a later filing. The company could seek to raise $500 million to $700 million in an IPO, Bloomberg News reported in September. The filing adds to the roster of companies planning to go public after IPO successes last 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 dealer Marex Group Plc are among the companies that have filed for IPOs since then.
Reddit and Astera helped push the total raised via IPOs on US exchanges to $9.6 billion during the first quarter, according to data compiled by Bloomberg. That was the best showing for a quarter since the first three months of 2022. In a letter to investors included in the prospectus, Rubrik Chief Executive Officer and Chairman Bipul Sinha said no government or business is immune to cyberattacks.
“While our company has grown in organizational size and experience, our mindset, sense of urgency, and risk posture remain as if we were still in the same tiny room as on day one," Sinha said. 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, Barclays and Citigroup.
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