Microsoft-backed cloud security company Rubrik is aiming to raise $713m in its initial public offering (IPO), according to Reuters, who cited someone familiar with the matter. 

Rubrik is planning to sell 23 million shares between $28 and $31 per share, according to the source. 

The US cybersecurity company will be valued at around $5.4bn at the upper end of the range, the source said, but noted that Rubrik’s plans are subject to market conditions. 

Rubrik’s plan to go public highlights the rebounding IPO market in the US following the slowdown in stock market launches throughout 2022 and 2023. 

In 2024, social media platform Reddit and semiconductor connectivity company Astera Labs had successful stock market debuts. 

Other companies, including Cato Networks and Synechron, have also announced plans to go public. 

Rubrik was founded in 2014 and specialises in cloud-based ransomware security software. The company is used by over 5,000 business customers, including AMD and Nvidia. 

The US saw a decrease in the value of cloud deals in 2023, following the industry peaking in investment in 2021.

According to GlobalData's deal database, the value of deals in 2023 totalled $19.1bn. This marked a significant decrease from 2021 when deals totalled $54bn.

According to GlobalData forecasts, the total cloud computing market will be worth $1.4trn in 2027, having grown at a compound annual growth rate of 17.1% from $638.6bn in 2022.