Rubrik files for IPO as market continues to display signs of unfreezing

By Emily Bary

Microsoft has made an equity investment in the cybersecurity company

Investors hungry for more technology-industry initial public offerings look to be getting another one soon, as cybersecurity company Rubrik Inc. just filed paperwork for a stock-market debut.

"We believe that the future of cybersecurity is data security - if your data is secure, your business is resilient," the company said in a Monday prospectus. As businesses rely ever more on data, they have growing security needs, Rubrik said.

The company generated $627.9 million in revenue during its latest fiscal year that ended in January, up from $599.8 million in fiscal 2023. Net losses swelled to $354.2 million from $277.7 million, as the company has "continued to invest in growing our business and advancing our solutions to capitalize on our market opportunity."

Rubrik intends to trade on the New York Stock Exchange under the ticker symbol "RBRK." The company has yet to disclose the size of the offering.

"Our goal is to lead the data-security market which we believe is the future of cybersecurity," Chief Executive Bipul Sinha said in a letter included in Monday's filing.

Microsoft Corp. (MSFT) has a strategic agreement with Rubrik, which announced in 2021 that the tech giant had made an equity investment in it.

The IPO filing comes as the Amplify Cybersecurity ETF HACK has advanced 6% to start the year and gained 34% over the past 12 months.

Rubrik's paperwork also comes also as the IPO market has appeared to thaw a bit recently. Reddit Inc. (RDDT) made a high-profile debut in March, while chip company Astera Labs Inc. (ALAB) also conducted a sizable offering.

Read: Reddit's debut made a splash, but caution's still the name of the game in the IPO market

-Emily Bary

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04-01-24 1952ET

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