(Reuters) -Cybersecurity platform Rubrik plans to list in the United States, the company said in a filing on Monday, adding to the number of companies turning to capital markets after a two-year lull.
Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software for over 6,000 customers.
Rubrik posted a bigger net loss of $354.2 million for the year ended Jan. 31, compared with $277.7 million a year ago, it said in the filing, and added that it does not expect to pay any cash dividends in the foreseeable future.
In the same period, its subscription annual recurring revenue (ARR) jumped 47% year-on-year and helped total revenue climb about 5% to $627.9 million from a year ago.
Reuters reported last year that the Microsoft-backed cybersecurity software startup hired banks for an initial public offering and would pursue an IPO in 2024 if the market becomes more welcoming.
IPOs in the United States are staging a recovery, encouraged by stellar reception and high-flying debuts of a slate of companies, including Reddit and Astera Labs, as potential rate cuts and lower borrowing costs loom large.
The Palo Alto, California-based company, which did not disclose the size of the offering, plans to list Class A common stock on the New York Stock Exchange under the symbol ‘RBRK’.
Goldman Sachs, Barclays, Citigroup and Wells Fargo are among the underwriters in the offering.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)
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