Microsoft-backed Rubrik targets up to $5.4 billion valuation in US IPO

By Thomson Reuters Apr 16, 2024 | 6:58 AM

(Reuters) -Cybersecurity software firm Rubrik, backed by Microsoft, said on Tuesday it was targeting a valuation of up to $5.44 billion in its U.S. initial public offering.

Technology companies have been leading a rebound in listings this year as stronger equity markets and robust debuts by social media platform Reddit and chip firm Astera Labs encourage others to press ahead with their IPO plans.

Rubrik said it was aiming to raise up to $713 million by selling 23 million shares priced between $28 and $31 each.

It will list on the New York Stock Exchange under the symbol “RBRK”.

Goldman Sachs, Barclays, Citigroup, and Wells Fargo Securities are among more than a dozen underwriters managing the IPO.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath)