'MS Jiwon' Rubric Targets $710 Million Fundraising in US IPO

Rubrik, a data security startup supported by Microsoft (MS), has set a goal to raise up to $713 million through an initial public offering (IPO).

[Image source=Reuters Yonhap News]

Major foreign media, including Bloomberg, reported on the 15th (local time) citing sources that Rubrik plans to sell 23 million shares at a price range of $28 to $31 per share. Rubrik's market capitalization is expected to be valued at up to $5.4 billion. Earlier this month, Rubrik announced its listing plan through documents submitted to the U.S. Securities and Exchange Commission (SEC). It will be traded on the New York Stock Exchange (NYSE) under the ticker 'RBRK'.

In particular, Rubrik's listing plan has attracted attention as it comes amid signs of a gradual rebound in the IPO market, with companies such as Reddit and Astera Labs, which recently went public, posting results far exceeding their offering prices on the first day of trading.

According to the submitted documents, Rubrik currently has over 6,100 customers, including Goldman Sachs, Barclays, and Citigroup. Among its customers are government agencies, universities, as well as various companies such as Home Depot, PepsiCo, and Illumina. Microsoft, one of the leading companies driving the recent artificial intelligence (AI) rally, also invested in Rubrik during a funding round in 2021, when the company was valued at $4 billion.

Headquartered in Palo Alto, California, Rubrik recorded revenue of $628 million and a net loss of $354 million in fiscal year 2023. In the previous year, revenue was $600 million with a net loss of $278 million.