All posts tagged: Microsoftbacked

Microsoft-backed Rubrik targets up to .4 billion valuation in US IPO

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

:Microsoft-backed cybersecurity software firm Rubrik said on Tuesday it was targeting a valuation of up to $5.44 billion in its U.S. initial public offering, as new listings rebound after a two-year lull. Technology companies have been leading a revival in listings this year as stronger equity markets and robust debuts including social media platform Reddit and chip firm Astera Labs encourage others to press ahead with their IPO plans. Walmart-backed digital marketing company Ibotta is also set to go public later this week. Rubrik said it was aiming to raise up to $713 million by selling 23 million shares priced between $28 and $31 each. Reuters was the first to report the company was planning to market its shares at that price range and expects to go public as early as April. The rapid adoption of generative artificial intelligence has opened up a new world of data security risks, prompting organizations to ramp up their cybersecurity budgets. Palo Alto, California-based Rubrik provides data security solutions to more than 6,100 customers including appliance maker Whirlpool, snacks …