Microsoft-backed cybersecurity firm Rubrik aims to raise $713 mn in IPO

Cybersecurity software firm Rubrik, which counts Microsoft among its prominent investors, is aiming to raise as much as $713 million in its initial public offering, according to a person familiar with the matter.

Palo Alto, California-based Rubrik is planning to sell 23 million shares priced between $28 and $31 per share, the source said on condition of anonymity because the discussions are confidential.

At the upper end of the range, Rubrik would be valued at about $5.4 billion, the source added, cautioning the company’s plans are subject to market conditions and could change.