Rubrik Eyes Massive $5.4B IPO Value as Cybersecurity Booms
The Palo Alto., Calif.-based, Microsoft-backed security software firm would join an IPO market rebounding after a mostly quiet two-year stretch.
Cybersecurity software firm Rubrik this week said it would seek a $5.4 billion valuation for its initial public offering (IPO) as equity markets rebound and increasing cyberattacks are creating more security demand.
Rubrik says it will raise $713 million selling 23 million shares priced between $28 and $31 per share – in an IPO that the company expects in April. The company provides data security solutions to more than 6,100 customers, including appliance maker Whirlpool, PepsiCo, and Goldman Sachs, according to its website. Venture capitalist Bipul Sinha founded the company in 2013 and released its first product in 2016. It was valued at $4 billion when Microsoft invested in 2021, according to reports.
In an interview with InformationWeek in February, Rubrik CIO Ajay Sabhlok said the company was also helping organizations deal with mounting technical debt with a rise in generative AI tool deployments. GenAI and the heightened security threats from both inside users and from outside threat actors, is a top concern among security experts.