RUBRIK, a cloud and data security startup backed by Microsoft, filed for an initial public offering, disclosing growing revenue and losses.
The offering is being led by Goldman Sachs Group, Barclays, Citigroup and Wells Fargo & Co., according to Monday’s filing with the US 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.
The size and price of Rubrik’s planned share will be disclosed in a later filing. The company could seek to raise US$500 million to US$700 million in an IPO, Bloomberg News reported in September.
The filing adds to the roster of companies planning to go public after IPO successes last month by social media platform Reddit and semiconductor connectivity company Astera Labs, which met or exceeded their IPO fundraising goals and then rose in their trading debuts.
Digital marketing software firm Ibotta and commodities dealer Marex Group are among the companies that have filed for IPOs since then.
In a letter to investors included in the prospectus, Rubrik chief executive officer and chairman Bipul Sinha said no government or business is immune to cyberattacks.
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“While our company has grown in organisational size and experience, our mindset, sense of urgency, and risk posture remain as if we were still in the same tiny room as on day one,” Sinha said.
Rubrik’s subscription annual recurring revenue grew by 47 per cent as of Jan 31, compared with a year earlier, according to the filing.
The Palo Alto, California-based company had a net loss of US$354 million on revenue of US$628 million for the year ended Jan 31, compared with a loss of US$278 million on revenue of about US$600 million a year earlier, according to the filing.
Microsoft made an equity investment in Rubrik in 2021 in a financing round that valued the startup at US$4 billion, Bloomberg News reported.
Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised US$1.18 billion to date, according to data provider PitchBook.
Through its alliance with Microsoft, Rubrik has committed to spend US$220 million over the course of up to 10 years for the use of Azure, Microsoft’s cloud computing platform.
Rubrik will use Azure for its data security solutions and preferentially offer public cloud functionality for Azure to its customers, according to Monday’s filing.
Currently, Lightspeed affiliates have about 24 per cent of the company’s Class B shares, while Greylock controls about 12 per cent, according to the filing.
Sinha, one of the company’s co-founders, currently owns 7.6 per cent of the Class B shares, while co-founder and chief technology officer Arvind Nithrakashyap owns a 6.7 per cent stake. Those shares will have 20 votes each, compared to one each for the Class A shares to be sold in the IPO. BLOOMBERG
