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By Mehnaz Yasmine
(Reuters) – Rubrik plans to list its shares on the U. S. stock exchange, the cybersecurity platform said in a statement on Monday, joining a growing wave of corporations turning to capital markets after a two-year hiatus.
Founded in 2014 by venture capitalist Bipul Sinha, Rubrik manufactures cloud-based ransomware coverage and data backup software for more than 6,000 customers, in addition to Nvidia and Home Depot.
Rubrik, founded in Palo Alto, California, is valued at $4 billion after an investment made through Microsoft in 2021.
Rubrik’s IPO filing comes amid a developing recovery in public listings on Wall Street after the high-flying debut of companies like Reddit and Astera Labs, and as investors anticipate lower borrowing costs.
Reuters first reported that the company plans to go public in New York from April, as part of a U. S. investigation into fraud targeting one of its former employees.
Rubrik posted a larger net loss of $354. 2 million for the year ended Jan. 31, up from $277. 7 million a year ago, it said in the filing, adding that it did not plan to pay cash dividends in the near future.
During the same period, its annual recurring profit (ARR) increased 47% year-over-year and contributed to an overall profit increase of approximately 5% to $627. 9 million year-over-year.
The company, which disclosed the duration of the offering, plans to list Class A common inventory on the New York Stock Exchange under the ticker symbol “RRBRK. “
Goldman Sachs, Barclays, Citigroup and Wells Fargo are underwriters for the offering.
(Reporting via Mehnaz Yasmin in Bangalore; editing by Leslie Adler)