Rubrik files to go public as tech companies see thawing of IPO market

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

The Silicon Valley firm got its start promoting {hardware} that companies may use to again up their knowledge in a modernized vogue relative to conventional gamers within the house. Rubrik then had 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,” in accordance to its IPO prospectus.

Competitors contains Dell, IBM, Veeam and Cohesity.

Rubrik plans to commerce on the New York Stock Exchange below the ticker image “RBRK.” Revenue within the fiscal yr ended January rose about 5% to $627.9 million. The firm’s internet loss widened to $354.2 million from $277.7 million a yr earlier. More than three-quarters of Rubrik’s income went to pay for gross sales and advertising and marketing within the newest fiscal yr.

Following a dry spell that lasted over two years, the market for preliminary public choices is exhibiting indicators of life in current weeks. In March, social media firm Reddit and knowledge heart know-how vendor Astera Labs went public on consecutive days. Both popped out of the gate, boosting optimism that extra companies could line up to take a look at the market.

Prior to that, the final two venture-backed tech IPOs within the U.S. have been Instacart and Klaviyo in September 2023. Those offers obtained tepid responses on Wall Street and failed to crack open the window. After a file IPO yr in 2021, hovering inflation and rising rates of interest pushed buyers out of tech and different dangerous property, main to a drying up in tech investing within the public and personal markets.

Rubrik is led by CEO Bipul Sinha, who invested in cloud administration software program vendor Nutanix earlier than that firm’s 2016 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 employees discover inside data from diversified knowledge sources.

Rubrik mentioned in its prospectus that since April 2021, it has paid Glean $356,000 for software program. Lightspeed Venture Partners 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 up to 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, in accordance to the submitting. Greylock Partners 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 workers and 6,100 shoppers as of January. The firm counted on three channel companions — Arrow Enterprise Computing Solutions, Exclusive Networks and Promark Technology — for 76% of its income within the newest fiscal yr.

— CNBC’s Ari Levy contributed to this report.