Rubrik Targets IPO Fundraise Of Up To $713M

The data security firm signals that it’s moving closer to becoming the first cybersecurity vendor to go public in several years.

Rubrik signaled it’s moving closer to an initial public offering with the disclosure that it aims to raise up to $713 million in the proposed sale of shares.

Earlier this month, the data security firm publicly filed its intentions for a planned IPO with the U.S. Securities and Exchange Commission, without sharing a target fundraise at the time.

[Related: 7 Cybersecurity CEOs That Are Eyeing An IPO]

In an update to its SEC filing Tuesday, Rubrik disclosed that it now plans to sell 23 million shares in the offering and expects to list the shares for between $28 and $31 a piece.

That would constitute a range of between $644 million and $713 million raised in the Rubrik IPO.

The company is seeking to be listed on the New York Stock Exchange under the symbol “RBRK.”

At the top end of the share price range, Rubrik would be valued at $5.4 billion, according to a report from Reuters. Rubrik’s valuation in connection with its 2021 funding round from Microsoft was reportedly $4 billion.

Rubrik’s annual recurring revenue climbed 47 percent to $784 million as of Jan. 31, up from $532.9 million a year earlier, the company has disclosed in its IPO-related SEC filings. Total revenue rose 5 percent to $627.9 million as of the end of January.

The company has disclosed a net loss of $354.2 million for its fiscal 2024, ended at the close of January, which widened from $277.7 million during the prior fiscal year.

The company has reported having more than 6,100 customers as of the end of January, up from 5,000 customers a year earlier.

Last year, Rubrik CEO Bipul Sinha, who co-founded the company in 2014, contended in an interview with CRN that Rubrik stands alone in offering data security built on zero trust principles.

Cyber IPO Drought

Rubrik aims to become the cybersecurity industry’s first vendor to complete an IPO in more than two years.

Other security vendors reportedly eyeing an IPO include Snyk, Cato Networks and Claroty. Sanjay Poonen, CEO at Rubrik competitor Cohesity, told CRN this week that his company has delayed its IPO plans amid its planned acquisition of Veritas’ data protection business.

ForgeRock completed the most recent IPO in the cybersecurity industry, in September 2021. The company went on to be taken private by investment firm Thoma Bravo and merged with Ping Identity in August 2023.