Rubrik recordsdata to go public as tech corporations see thawing of IPO market

Rubrik, a 9-year-old knowledge safety software program vendor, filed to go public on Monday, the most recent venture-backed firm to make strikes towards the general public market after an prolonged lull courting again to late 2021.

The Silicon Valley firm got its start promoting {hardware} that corporations might use to again up their knowledge in a modernized style relative to conventional gamers within the area. Rubrik then needed to evolve to the cloud, the place it now will get most of its income from software program that “detects, analyzes, and remediates data security risks and unauthorized user activities,” based on its IPO prospectus.

Opponents consists of Dell, IBM, Veeam and Cohesity.

Rubrik plans to commerce on the New York Inventory Alternate beneath the ticker image “RBRK.” Income within the fiscal yr ended January rose about 5% to $627.9 million. The corporate’s web loss widened to $354.2 million from $277.7 million a yr earlier. Greater than three-quarters of Rubrik’s income went to pay for gross sales and advertising within the newest fiscal yr.

Following a dry spell that lasted over two years, the IPO market is exhibiting indicators of life in latest weeks. In March, social media firm Reddit and knowledge middle know-how vendor Astera Labs went public on consecutive days. Both popped out of the gate, boosting optimism that extra corporations might line as much as check the market.

Previous to that, the final two venture-backed tech IPOs within the U.S. had been Instacart and Klaviyo in September 2023, however these offers obtained tepid responses on Wall Avenue and didn’t crack open the window. After a file IPO yr in 2021, hovering inflation and rising rates of interest pushed traders out of tech and different dangerous property, resulting in a drying up in tech investing in the private and non-private markets.

Rubrik is led by CEO Bipul Sinha, who invested in cloud administration software program vendor Nutanix earlier than that firm’s 2016 preliminary public providing. Sinha co-founded Rubrik in 2014 with Arvind Jain, Soham Mazumdar and Arvind Nithrakashyap. Jain is now co-founder and CEO of Glean, which makes software program that helps company staff discover inner data from different knowledge sources.

Rubrik mentioned in its prospectus that since April 2021, it is paid Glean $356,000 for software program. Lightspeed Enterprise Companions investor Ravi Mhatre, a Rubrik director, additionally sits on Glean’s board. Rubrik is backed by Microsoft and mentioned it is dedicated to spending $220 million over as much as 10 years on Microsoft’s Azure public cloud.

Lightspeed, Sinha’s former employer and the agency that led Rubrik’s first spherical of funding in 2015, is the corporate’s largest shareholder, with a 24% stake, based on the submitting. Greylock Companions is second with a 12% stake, adopted by Sinha, who owns 7.6%. Jain and Nithrakashyap personal 7% and 6.7%, respectively.

Like Reddit, Rubrik will maintain a directed share program to supply IPO shares to sure companions, family and friends members.

Rubrik had 3,100 staff and 6,100 shoppers as of January. The corporate counted on three channel companions — Arrow Enterprise Computing Options, Unique Networks and Promark Expertise — for 76% of its income within the newest fiscal yr.

— CNBC’s Ari Levy contributed to this report.

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