Data protection provider Rubrik Inc. could hold its initial public offering as soon as this year, Bloomberg reported today.

Rumors of a Rubrik IPO have been swirling for some time. In June, Reuters cited sources as saying that the company may go public in 2024 if the IPO market “becomes more welcoming.” Since that report, several other tech firms have filed to go public, which may be one reason Rubrik is considering bringing forward its listing to this year.

Bloomberg’s sources said that the company could sell between $500 million and $700 million worth of shares in the IPO. Earlier, Reuters reported that it was aiming to raise up to $750 million.

Led by co-founder and Chief Executive Officer Bipul Sinha (pictured), Rubrik provides a data protection platform of the same name. It enables companies to back up the information they store on public cloud infrastructure, on-premises hardware and in software-as-a-service applications. Rubrik says that the platform is used by more than 5,000 organizations.

Rubrik stores backups in what it describes as an append-only file system. New data can be added to the system, but existing files may not be modified or deleted. This arrangement ensures that ransomware can’t tamper with companies’ backups.

The company provides its backup features alongside a range of other data protection tools. Its platform can help administrators detect data assets that may be stored in an insecure manner. It also spots unusual file access patterns that may suggest hackers have breached a company’s network.

In January, Rubrik disclosed that the annual recurring revenue it generates from selling software subscriptions has surpassed $500 million. Five months later, the company’s annual recurring revenue reportedly stood at $600 million.

Preparations for the Rubrik IPO are believed to be well underway. Sources told Bloomberg that the company has hired Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. as the lead underwriters for the offering. Rubrik is also said to have recruited seven other banks to support the IPO, including Mizuho Financial Group Inc., TD Cowen and UBS Group AG.

On Thursday, Rubrik reportedly held meetings with Wall Street analysts to brief them about its business. The next phase of the effort is expected to see the company launch its IPO roadshow. An IPO roadshow is a marketing initiative through which a soon-to-be-public firm promotes its shares to potential investors.

According to Bloomberg, the details of the stock market debut have not yet been finalized. It’s believed the company could still push back the IPO to 2024 or adjust its fundraising target.

Rubrik reportedly received a $4 billion valuation in 2021 after an investment from Microsoft Corp. A year later, the company disclosed that its software subscription business reached $400 million in annual recurring revenue. Given that this figure had increased to $500 million by January 2023, it may seek to go public at a higher valuation than the $4 billion it was worth after Microsoft’s investment. 

Rubrik joins the growing list of tech firms that are planning to go public in the coming quarters.

Arm Holdings Ltd., which filed for an IPO in August, is expected to list its shares on the Nasdaq as early as September. Parent company SoftBank Group Corp. is reportedly seeking a valuation of at least $60 million for the chip designer. Marketing automation provider Klaviyo Inc. and grocery delivery startup Instacart, which is incorporated as Maplebear Inc., also filed to go public last month. 

Photo: Rubrik