Microsoft-backed Rubrik targets up to $5.4 bln valuation in US IPO

Microsoft-backed cybersecurity software firm Rubrik said on Tuesday it was targeting a valuation of up to $5.44 billion in its U.S. initial public offering, as new listings rebound after a two-year lull.

Technology companies have been leading a revival in listings this year as stronger equity markets and robust debuts including social media platform Reddit and chip firm Astera Labs encourage others to press ahead with their IPO plans.