(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., has filed for an initial public offering and said it will increase revenue and profit.
Most Read Articles on Bloomberg
The offering is being led by Goldman Sachs Group Inc., Barclays & Co., Citigroup Inc. and Wells Fargo & Co., according to a Monday filing with the U.S. Securities and Exchange Commission that confirmed 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 shares will be disclosed in future filings. Bloomberg News reported in September that the company could aim to raise between $500 million and $700 million in an IPO.
The filing follows last month’s successful IPOs by social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., adding to the list of companies planning to go public, with both companies aiming to raise IPO funds. achieved or exceeded , and then rose in its trading debut. Digital marketing software company Ibotta Inc. and merchandise dealer Marex Group Inc. are among the companies that have since filed for IPOs.
In a letter to investors included in the prospectus, Rubrik CEO and Chairman Bipul Sinha said no government or company is immune from cyberattacks.
“While our company has grown in size and experience, our mindset, sense of urgency, and attitude to risk remains as if we were in the same small room on day one,” said Sinha. Told.
Rubrik’s annual subscription recurring revenue increased 47% year-over-year as of Jan. 31, according to the filing. The Palo Alto, Calif.-based company had a net loss of $354 million on revenue of $628 million for the year ended Jan. 31, compared with a year-ago period on revenue of about 600 million, with a net loss of $278 million.
Microsoft made an equity investment in Rubrik in a 2021 funding round, valuing it at $4 billion, Bloomberg News reported. Rubrik’s backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, and it has raised $1.18 billion to date, according to data provider PitchBook.
Through its partnership with Microsoft, Rubrik has committed to spend $220 million over up to 10 years on Microsoft’s cloud computing platform, Azure. According to Monday’s filing, Rubrik will use Azure for its data security solutions and will prioritize offering Azure’s public cloud capabilities to its customers.
Lightspeed affiliates currently own about 24% of the company’s Class B stock, and Greylock controls about 12%, according to the filing.
Mr. Sinha, one of the company’s co-founders, currently owns 7.6% of Class B shares, while Arvind Nisrakashap, co-founder and chief technology officer, owns 6.7%. Each of these shares will give him 20 votes, while he will get one vote for each Class A stock sold in the IPO.
(Updates with CEO’s letter in fifth paragraph.)
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP
