The reopening of the US technology IPO market is further evidenced by Rubrik, supported by Microsoft, expected to go public later this year.
Microsoft-backed cloud and data security startup Rubrik's roadshow could start as early as October. Recently, the long-dormant U.S. IPO market, especially for technology companies, has shown signs of renewed activity. Arm will launch its IPO roadshow next week, and food delivery company Instacart and marketing automation platform company Klaviyo are also keeping up with the trend.
On Friday, September 1st, according to sources familiar with the matter, Rubrik, a cloud and data security startup supported by Microsoft, is expected to IPO later this year, with its investor roadshow potentially starting as early as October.
Sources say that this IPO could raise between $500 million and $700 million. The timing and amount of the IPO may still change, depending on market conditions. Sources added that Rubrik may still postpone the IPO until next year.
Sources say that the company held a meeting with analysts on Thursday to help them better understand Rubrik's operations and make growth analysis and forecasts based on that.
Recently, the U.S. IPO market, especially for technology companies, has shown signs of renewed activity after a period of silence. Arm, the chip company owned by SoftBank Group, will launch its IPO roadshow next week, and other companies preparing for IPOs, such as food delivery company Instacart and marketing automation platform company Klaviyo, are also keeping up.
Sources added that Rubrik already has a complete underwriting team, with seven additional banks joining the three main underwriters, Goldman Sachs, Barclays, and Citigroup. These banks include Mizuho Financial Group, TD Cowen, and UBS.
As early as June of this year, there were reports that the company was preparing for an IPO. Microsoft led the previous round of equity investment in the company in 2021, when the company was valued at $4 billion. In addition to Microsoft, Bain Capital and other companies are also among the company's investors.
According to statistics, Rubrik has raised multiple rounds of financing, with a total funding amount of over $1 billion.
Rubrik is headquartered in Palo Alto, California, and was founded in December 2013.
The company provides data management services such as backup and recovery, especially for enterprises operating in hybrid cloud environments. Its software can run locally and in the cloud to protect and manage data.