Rubrik, a data security startup supported by Microsoft (MS), has stepped up as the next player in the New York initial public offering (IPO) market. This move comes as a spring signal in the market, which had been frozen solid, following the successful stock market debuts of Reddit, Astera Labs, and others.
According to Bloomberg and other sources, Rubrik announced its listing plan on the 1st (local time) through documents submitted to the U.S. Securities and Exchange Commission (SEC). The number of shares to be offered and the offering price will be disclosed later. The reports previously estimated that Rubrik could raise $500 million to $700 million through the IPO. Rubrik is expected to be traded on the New York Stock Exchange (NYSE) under the ticker 'RBRK'.
CEO Bipul Sinha of Rubrik stated in a letter included in the investment prospectus, "We are on a mission to protect the world's data," pointing out that no government or company is safe from cyberattacks. He also emphasized, "The future of cybersecurity is data security," adding, "If data is secure, businesses are resilient."
According to the submitted documents, Rubrik's revenue for the 2023 fiscal year recorded $627.9 million, an increase of about 5% compared to the previous year. The net loss expanded to $354.2 million from a year earlier. This was attributed to spending more than 75% of last year's revenue on sales and marketing expenses. Rubrik's largest shareholder is Lightspeed, which led Rubrik's first funding round in 2015 and holds 24% of Class B shares. This is followed by Greylock Partners (12%) and CEO Bipul Sinha (7.6%).
Microsoft (MS), one of the leading companies driving the recent artificial intelligence (AI) rally, also invested in Rubrik during the 2021 funding round when the company was valued at $4 billion. Rubrik uses MS's Azure for its data security solutions. According to PitchBook, besides MS, Bain Capital Ventures and Cosla Ventures have also invested in Rubrik, with total funds raised to date amounting to approximately $1.18 billion.
Rubrik's IPO is particularly noteworthy as it comes shortly after companies like Reddit and Astera Labs, which went public and posted results far exceeding their offering prices on the first day of trading. Economic media CNBC reported, "After more than two years of downturn, the IPO market has shown signs of revival in recent weeks," adding, "Reddit and Astera Labs have sparked optimism that more companies will knock on the market's door."
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