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Rubrik is planning to file as soon as next week for an initial public offering, Bloomberg News reported Friday, citing people familiar with the matter. The cloud and data security startup has financial backing from software giant Microsoft (NASDAQ:MSFT).
Details of Rubrik’s plans may change, including the timing. The company declined to comment to Bloomberg News.
Rubrik may aim to raise $500 million to $700 million in an IPO, Bloomberg News reported. Microsoft (MSFT) in 2021 invested in Rubrik as part of a financing round that valued the startup at $4 billion.
The market for IPOs has shown signs of perking up after successful offerings in the past month from social-media company Reddit (NYSE:RDDT) and semiconductor technology company Astera Labs (NASDAQ:ALAB). Digital marketing company Ibotta (IBTA) and commodities trading firm Marex Group (MRX.) have filed for offerings.
Forty-eight companies in the first quarter raised about $9.6 billion through IPOs on U.S. exchanges, up from $3.8 billion by 46 companies during the first three months of 2023, according to Bloomberg data.
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