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Rubrik plans to file for an initial public offering as early as next week, 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 Rubrik’s plans may change, including 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) invested in Rubrik in 2021 as part of a funding round that valued the startup at $4 billion.
The IPO market has shown signs of recovery following last month’s successful offerings by social media company Reddit (NYSE:RDDT) and semiconductor technology company Astera Labs (NASDAQ: ALAB). Digital marketing firm Ibotta (IBTA) and commodities trading firm Marex Group (MRX.) have filed for bids.
Forty-eight companies in the first quarter raised about $9.6 billion via IPOs on U.S. stock exchanges, compared to $3.8 billion for 46 companies during the first three months of 2023, according to Bloomberg data.