Rubrik Files for IPO as Tech Goes Public Despite Losses
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Rubrik, a data cybersecurity company, filed for an IPO on Monday, indicating the public markets may be warming up for tech IPOs.
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Rubrik is transitioning from selling software licenses to a subscription model, with subscription revenue up 40% last year.
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Despite steep losses, Rubrik has been able to limit cash burn thanks to upfront subscription revenue collection.
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The IPO could be a big win for VC firm Lightspeed and others who invested early. Lightspeed partner Bipul Sinha founded Rubrik.
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If Rubrik prices and trades well post-IPO, it could encourage other unprofitable enterprise software companies to pursue public listings as well.