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Rubrik plans to file for an initial public offering next week, Bloomberg News reported on Friday, citing people familiar with the matter. The cloud and data security startup is financially backed by software giant Microsoft (NASDAQ:MSFT).
Details Some of Rubrik's plans may change, including the timing. The company declined to comment to Bloomberg News.
Rubrik could aim to raise between $500 million and $700 million in an initial public offering (IPO), Bloomberg News reported. Microsoft (MSFT) invested in Rubrik in 2021 as part of a financing round that valued the startup at $4 billion.
The IPO market has shown signs of reviving after last month's successful offerings by social media company Reddit (New York Stock Exchange:RDDT) and semiconductor technology company Astera Labs (NASDAQ:ALAB). Digital marketing company Ibotta (IBTA) and raw materials trading company Marex Group (MRX.) have submitted offers.
Forty-eight companies raised around $9.6 billion through IPOs on US stock exchanges in the first quarter, compared to $3.8 billion from 46 companies during the first three months of 2023, according to Bloomberg data.
