Rubrik Inc has hired banks for an initial public offering of its stock, Reuters has reported, citing four people familiar with the matter.
The Microsoft Corporation (NASDAQ:MSFT)-backed cybersecurity software startup has lined up Goldman Sachs (NYSE:GS), Citigroup and Barclays PLC (LSE:BARC) for the IPO according to the sources who asked not to be named due to the confidentiality of the discussions, Reuters said.
According to the sources, Rubrik may wait until 2024 to go public if the IPO market improves and may raise more than $750 million depending on market conditions. The company was valued at $4 billion in a fundraising round two years ago.
Rubrik, Goldman Sachs (NYSE:GS), Barclays and Citi declined to comment on the possible IPO, Reuters added.
Palo Alto, California-based Rubrik includes Nvidia Corp and Home Depot among its more than 5,000 enterprise customers. Annual recurring revenue tied to software subscriptions surpassed $500 million in January, per the report.
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