Microsoft-backed cybersecurity firm Rubrik files for an US IPO

April 1, 2024 5:13 PM EDT

Rubrik, a cybersecurity firm, filed to go public in the United States through an initial public offering (IPO), according to a filing on Monday.

The Palo Alto, California-based company aims to list its shares on the New York Stock Exchange using the ticker symbol “RBRK.”

The IPO will be managed by a number of underwriters, including Goldman Sachs, Barclays, Citigroup, Wells Fargo Securities, Guggenheim Securities, Mizuho Truist Securities, BMO Capital Markets, and Deutsche Bank Securities.

Valued at $4 billion in 2021 with investment from Microsoft (NASDAQ: MSFT), reports of Rubrik’s IPO plans first emerged in February.

This decision came as the cybersecurity company faced an investigation by the U.S. Department of Justice into fraudulent activities by a former sales division employee.

The probe focused on allegations that the individual rerouted government funds from 110 Rubrik contracts, totaling $46 million, to a separate entity they controlled.

Rubrik fully cooperated with the authorities and aimed to conclude the investigation by the end of March, paving the way for its IPO.

By Vahid Karaahmetovic

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