Monday, April 8th, 2024
Following the footsteps of Astera Labs and Reddit, a data cybersecurity company, Rubrik, recently filed to go public on the New York Stock Exchange under the ticker RBRK. As a private company, Rubrik has raised more than $500 million, and according to the Bloomberg report, is anticipated to raise another $500 million to $700 million through the initial public offering (“IPO”).
Rubrik was founded in 2014 in Palo Alto, California and sells software designed to secure data in the cloud. While the company initially started as a hardware company, its main product today is a subscription software, with subscription sales accounting for about 85% of the company’s revenue last year. Notable investors of Rubrik include Microsoft, Bain Capital Ventures, and Lightspeed, whose investments followed a reported valuation of $4 billion.
IPOs have undoubtedly risen in 2024, as 48 companies raised about $9.6 billion on U.S. exchanges in the first quarter, in contrast to the $3.8 billion raised by 46 companies during the first quarter of 2023. News of Rubrik’s IPO filing is a welcome sign for other tech start-ups looking for ways to raise capital. With more than 1000 start-ups with a valuation of $1 billion, a successful IPO by Rubrik is likely to have a lasting impact on the public markets for tech companies.
Author: Olivia Moon, 2023/2024 Articling Student