Rubrik To File For IPO Next Week: Report

Rubrik has been reported to be readying an IPO for the past two years or so, but Bloomberg is now reporting that the data protection and cybersecurity company, which may have a valuation of $4 billion, may be ready to pull the trigger next week.

Data protection and cybersecurity technology developer Rubrik may file its long-expected IPO as early as next week.

Bloomberg, citing people familiar with the matter, Thursday reported that details of the planned IPO are still subject to change.

A Rubrik spokesperson, in an emailed response to a CRN request for more information, wrote that the company “will not be commenting.”

Rubrik, which counts Microsoft among its investors, has been expected to file for an IPO several times in the past.

Reuters in February reported that Rubrik was likely to file for an IPO sometime this spring, depending on the results of an investigation by the U.S. Department of Justice regarding a former Rubrik sales employee’s alleged diversion of U.S. government contracts funds into that employee’s own operating entity.

Palo Alto, Calif.-based Rubrik was also reported in September to have planned to file for an IPO by the end of 2023 that could raise as much as $700 million.

Rubrik last June reportedly hired three banks — Goldman Sachs, Barclays and Citigroup — to assist with the planned IPO.

Rubrik has raised $1.18 billion so far between 83 investors, according to PitchBook. Investors include Microsoft as well as Cisco’s former Chairman and CEO, John Chambers. At the time of the Microsoft investment, Rubrik reportedly received a $4-billion valuation.

Reuters, citing unnamed sources, reported in February that Rubrik generates annual recurring revenue of more than $600 million.

Rubrik is definitely on course to become a public company at some time. Rubrik CEO and co-founder Bipul Sinha, in an early 2023 conversation with CRN, said an IPO will eventually be filed.

“Obviously, at some point we want to be a public company,” Sinha said. “We are watching the market and when the time is right, we’ll be a public company. We definitely have the scale and momentum [to complete an IPO].”