Rubrik, a cybersecurity software company, aims to raise as much as $713 million in its initial public offering (IPO), according to a Reuters report. The company, supported by Microsoft, is looking to sell 23 million shares priced between $28 and $31 per share. At the top end of the range, Rubrik would be valued at around $5.4 billion, but these plans could change depending on market conditions.
The Palo Alto-based Rubrik serves over 5,000 business customers, including tech giant Nvidia and retailer Home Depot. It provides cloud-based ransomware protection and data backup software.
Despite its plans to go public, Rubrik is currently facing a US fraud investigation into one of its former employees. The investigation, launched by the US Department of Justice in October 2023, is examining whether the former employee diverted funds paid by the US government for contracts with Rubrik into an operating entity he had created.
Rubrik’s IPO will be managed by Goldman Sachs, Barclays, Citigroup, and Wells Fargo. The company intends to list its shares on the New York Stock Exchange under the ticker RBRK.
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