(Bloomberg) — Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., will seek to raise as much as $713 million in an initial public offering, a person familiar with the matter said.
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The company plans to market 23 million shares for $28 to $31 each, said the person, who asked not to be identified because the information wasn’t public.
A representative for Rubrik declined to comment. The intended price range was reported earlier by Reuters.
Rubrik was founded in 2013 and released its first product in 2016. It said in filings with the US Securities and Exchange Commission that it now has more than 6,100 customers, including Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc.
Its clients also include governments and universities, as well as an array of companies such as Home Depot Inc., PepsiCo Inc., Illumina Inc., Fiserv Inc. and the Denver Broncos.
Palo Alto, California-based Rubrik had a net loss of $354 million on revenue of $628 million for the year ended Jan. 31, compared with a loss of $278 million on revenue of about $600 million a year earlier, according to its filings.
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