Cloud data security management firm Rubrik is going public next week

Rubrik, a cloud data management company backed by Microsoft, has made plans to file an IPO next week, according to Bloomberg sources.

In 2021, Rubrik made a deal with Microsoft, which saw the tech giant make an equity investment and value the company at $4 billion. According to Bloomberg News, Rubrik has been working on its IPO plans with some investment banks such as Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc. With the help of these banks, Rubrik plans to raise between $500 million and $700 million in its initial public offer.

Also, final decisions haven't been made yet, as the company's plans and timing could still change. Should the IPO be successful, Rubrik will join the roster of companies such as Reddit that successfully filed for IPOs this month, and will make it the first cybersecurity industry vendor to complete an IPO in more than two years.

Other data security vendors that are planning an IPO in 2024 include Snyk and Cato Networks, per The Information.