Rubrik, a cybersecurity tech company supported by Microsoft (NASDAQ:MSFT), is planning to initiate an initial public offering (IPO) as early as next week. This filing comes on the heels of the successful public listings of social media platform, Reddit (NYSE:RDDT) and semiconductor connectivity solutions provider, Astera Labs (NASDAQ:ALAB).
Cybersecurity Innovator
Founded in 2014, Rubrik provides innovative cybersecurity solutions such as cloud-based ransomware protection. Some of its major customers include NVIDIA (NASDAQ:NVDA) and Home Depot (NYSE:HD). Microsoft invested in Rubrik in 2021. At the time, the company’s valuation was estimated at around $4 billion. Other investors in Rubrik include Bain Capital, Khosla Ventures, and Greylock Partners. According to Bloomberg, Rubrik could aim to raise between $500 million and $700 million from its IPO.
Upcoming Contenders
Some names that are in the process of dipping their toes in IPO waters over the coming periods include digital marketing solutions provider Ibotta, commodities company Marex Group, Israel’s Cato Networks, and healthcare-payments solutions provider Waystar. Other top IPO contenders such as Stripe and Databricks could possibly wait for another year before stepping into public markets.
Is the Recently-Listed Reddit and Astera Labs a Buy?
Meanwhile, both Astera and Reddit have begun to give up some of their initial listing price gains. Among the two names, the Tipranks Comparison Tool indicates a higher upside potential of 14.6% in Astera over the coming periods.
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