Rubrik To Go Public, Aims To Raise $713 Mn In IPO

Data security company Rubrik aims to go public to raise about USD 713 million in its initial public offering (IPO), according to a media report on Monday.

Rubrik plans to sell its 23 million shares, which are priced between USD 28 to USD 31 per share, the report said additionally.

The company has not officially confirmed the offering. However, at the upper range end, it would be valued at about USD 5.4 billion.

The US stock market for new offerings is showing recovery signs after a slowdown in 2022 and 2023, following which tech companies are gearing up for their public offerings, recently Reddit and Astera Labs have gone public and Rubrik is expected to follow their suit.

Established in 2014, Rubrik serves over 5,000 business customers, including tech giant Nvidia and retailer Home Depot, providing cloud-based ransomware protection and data backup software.