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Data Security Firm Rubrik To Go Public As IPO Market Heats Up

Rubrik, a data security software company, has filed to list shares on the New York Stock Exchange as the market for initial public offerings (IPOs) continues to recover.

Silicon Valley-based Rubrik is essentially a cloud security firm, mitigating data security risks for corporate clients, according to its IPO prospectus. Competitors include Dell Technologies (DELL) and IBM (IBM).

Rubrik plans to trade on the New York Stock Exchange under the ticker symbol “RBRK.” An exact date for the IPO has not yet been set.

Like many companies that hold an IPO, Rubrik remains unprofitable. The company’s net loss grew to $354.2 million U.S. in 2023 from $277.7 million U.S. a year earlier.

Still, investor appetite for new stock listings is strong. In March, social media company Reddit (RDDT) and microchip concern Astera Labs (ALAB) each went public in successful debuts.

After a record year in 2021, soaring inflation and rising interest rates led to a bear market that effectively shutdown the IPO market for the better part of two years.

But now, with the stock market at record highs, companies seem confident to go public once again.

Rubrik was founded in 2014 and is backed by Microsoft (MSFT). Rubrik has committed to spend $220 million U.S. over 10 years on Microsoft’s Azure cloud platform.

As with Reddit, Rubrik plans to hold a directed share program to offer its IPO stock to some partners, friends, and family members.

Rubrik had 3,100 employees and 6,100 clients as of January this year. However, the company received 76% of its revenue in 2023 from just three clients.