IPO looming – again – for Rubrik

Bloomberg reported over Easter that Rubrik is prepping an IPO and could file papers with the SEC this week.

This follows a Reuters report in February that the Bipul Sinha-led business was planning an April 2024 IPO once a fraud investigation completed. Bloomberg previously suggested that Rubrik could IPO by the end of last year.

Bipul Sinha.

Rubrik started up in 2014 as a backup and restore-based data protector, and has evolved to add cyber security and resilience. This has become its main focus. The founders were ex-venture capitalist and CEO Bipul Sinha, CTO Arvind “Nytro” Nithrakashyap, VP engineering Arvind Jain and Soham Mazumdar. It has raised in excess of $550 million – possibly as much as $1 billion – with a valuation thought to be in the $4 billion area when Microsoft invested in 2021. The firm reckons it has more than 5,000 customers and in excess of $600 million in annual recurring revenue. Previous reports have identified Goldman Sachs, Barclays and Citigroup as its IPO bankers.

The Bloombergers guess that Rubrik could raise $500 million to $700 million from this IPO. A Rubrik IPO would represent a pinnacle of achievement for Bipul Sinha, who was born into poverty in India.

The Information reported two other cyber security vendors – Snyk and Cato Networks – could also run IPOs this year.

Arch rival Cohesity, which filed for an IPO in December 2021, is acquiring the bulk of the business from legacy data protector Veritas and plans for an IPO to follow that in due course. This acquisition could make it a larger business – in terms of revenue and customer count – than Rubrik. 

Social media platform Reddit and semiconductor supplier Astera have both successfully launched IPOs recently, providing a generally positive investor environment.