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Palo Alto, California-based Rubrik is planning to promote 23 million shares priced between $28 and $31 per share, the supply stated on situation of anonymity as a result of the discussions are confidential.
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On the higher finish of the vary, Rubrik could be valued at about $5.4 billion, the supply added, cautioning the corporate’s plans are topic to market situations and will change.
Rubrik didn’t instantly reply to a request for remark.
Rubrik’s plans to go public come because the U.S. IPO market is exhibiting early indicators of a rebound after inventory market launches froze up throughout most of 2022 and 2023.
Following the profitable inventory market flotations of social media platform Reddit and semiconductor connectivity agency Astera Labs, a number of firms together with Cato Networks and Synechron have kicked off preparations to go public.
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Based in 2014 by enterprise capitalist Bipul Sinha, Rubrik makes cloud-based ransomware safety and data-backup software program. The corporate serves greater than 5,000 enterprise clients, together with Nvidia Corp and Dwelling Depot. Rubrik’s subscription annual recurring income grew 47% on the finish of January, in comparison with a 12 months earlier, in keeping with its IPO submitting. It additionally disclosed a lack of $354 million on income of $628 million for the 12 months ended Jan. 31, in contrast with a lack of $278 million on income of $600 million a 12 months earlier.
Alongside its plans to go public, Rubrik can also be dealing with a U.S. fraud investigation into one in all its former workers.
The probe was launched in October 2023 and is being carried out by the U.S. Division of Justice, which is trying into whether or not the previous worker diverted funds paid by the U.S. authorities for 110 contracts with Rubrik into an working entity he had created, Reuters reported in February.
In its IPO submitting, Rubrik stated it’s cooperating with this investigation, which is ongoing.
Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead underwriters for Rubrik’s IPO. The corporate plans to listing its shares on the New York Inventory Trade below the ticker RBRK. (Reporting by Echo Wang in New York; Enhancing by Anirban Sen and Jamie Freed)
