Microsoft-backed Rubric set to file for IPO next week

(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., plans to file for an initial public offering as soon as next week, according to people familiar with the matter.

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Details of the company’s plans, including the timing, could still change, said the people, who spoke on condition of anonymity to discuss confidential information. A spokesman for Palo Alto, California-based Rubrik declined to comment.

The filing came this month from social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc. The success of its IPO will join the roster of companies that met or exceeded their IPO fundraising goals and then raised funds in their trading debuts. Digital marketing software firm Ibotta Inc. and commodities dealer Marex Group Plc were among the companies that filed for IPOs last week.

Bloomberg News reported in September that Rubrik was partnering with Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. Was working on its IPO plans with. According to the story, the company may try to raise $500 million to $700 million in the IPO.

Microsoft made an equity investment in Rubrik in 2021 in a financing round that valued the startup at $4 billion, according to data provider PitchBook. Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised $1.18 billion to date, PitchBook data shows.

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