Microsoft-backed Rubrik’s IPO filing shows $354 million loss

(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., has filed for an initial public offering, disclosing growing revenues and losses.

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The offering is being led by Goldman Sachs Group Inc., Barclays Plc, Citigroup Inc. and Wells Fargo & Co., according to a Monday filing with the U.S. Securities and Exchange Commission, confirming a Bloomberg News report. The company plans to list its shares on the New York Stock Exchange under the symbol RBRK.

Rubrik’s planned share size and price will be disclosed in a later filing. Bloomberg News reported in September that the company may try to raise $500 million to $700 million in an IPO.

The filing came last month from social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc. The company is included in a roster of companies planning to go public after IPO success that met or exceeded their IPO fundraising goals and then raised funds in their trading debut. Digital marketing software firm Ibotta Inc. and commodities dealer Marex Group Plc are among the companies that have since filed for IPOs.

In a letter to investors included in the prospectus, Rubrik CEO and President Bipul Sinha said no government or business is immune from cyber attacks.

“While our company has grown in organizational size and experience, our mindset, sense of urgency and risk appetite remain as if we are still in the same small room,” Sinha said.

Rubric’s subscription annual recurring revenue rose 47% through Jan. 31 compared with a year earlier, according to the filing. The Palo Alto, Calif.-based company suffered a net loss of $354 million on revenue of $628 million for the year ended Jan. 31, compared with a loss of $278 million on revenue of nearly $600…

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