(Bloomberg) -- Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is seeking to raise as much as $713 million in its initial public offering, as investor appetite for technology listings continues to rebound.  

The company plans to market 23 million shares for $28 to $31 each, according to its filing Tuesday with the US Securities and Exchange Commission. At the top of the range, it would have a market value of roughly $5.4 billion, based on the outstanding shares in the document. 

Rubrik would have a fully diluted valuation at the top price of as much as $6.4 billion, accounting for the stock options, conversions of redeemable preferred stock and restricted share units in the filing.

The company is set to join a growing roster of newly-public technology companies after strong debuts from social media platform Reddit Inc. and semiconductor connectivity company Astera Labs Inc., which have gained after their IPOs met or exceeded their fundraising goals.

The launch of the offering comes just days ahead of the IPO of digital marketing software firm Ibotta Inc., which could raise $551 million in one of the biggest software listings of the past year.

Rubrik was founded in 2013 and released its first product in 2016. It said it now has more than 6,100 customers, including Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc. Its clients include governments and universities, as well as an array of companies such as Home Depot Inc., PepsiCo Inc., Illumina Inc., Fiserv Inc. and the Denver Broncos.

Rubrik’s subscription annual recurring revenue grew by 47% as of Jan. 31, compared with a year earlier, according to the filing. Palo Alto, California-based Rubrik had a net loss of $354 million on revenue of $628 million for the year ended Jan. 31, compared with a loss of $278 million on revenue of about $600 million a year earlier, according to the filing.

Cyberattacks have become more sophisticated as a result of artificial intelligence, and cloud cybersecurity firms have become targets for acquisitions. Palo Alto Networks Inc. snapped up startups Dig Security and Talon Cyber Security last year for an estimated combined $1 billion, and CrowdStrike Holdings Inc. said in March that it would acquire cloud data security platform Flow Security for an undisclosed sum.

Microsoft Investment

Microsoft made an equity investment in Rubrik in 2021 in a financing round that valued the startup at $4 billion, Bloomberg News reported. Rubrik, whose backers also include Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners and Khosla Ventures, has raised $1.18 billion to date, according to data provider PitchBook.

Through its alliance with Microsoft, Rubrik has committed to spend $220 million over the course of up to 10 years for the use of Azure, Microsoft’s cloud computing platform. Rubrik will use Azure for its data security solutions and preferentially offer public cloud functionality for Azure to its customers, according to Monday’s filing.

Currently, Lightspeed affiliates have about 24% of the company’s Class B shares, while Greylock controls about 12%, according to the filing.

Rubrik Chief Executive Officer and Chairman Bipul Sinha, who is also one of the company’s co-founders, currently owns 7.6% of the Class B shares. Co-founder and Chief Technology Officer Arvind Nithrakashyap owns a 6.7% stake. Those shares will have 20 votes each, compared to one each for the Class A shares to be sold in the IPO.

The offering is being led by Goldman Sachs, Barclays, Citigroup and Wells Fargo & Co. The company plans to list its shares on the New York Stock Exchange under the symbol RBRK.

(Updates with diluted valuation in the third paragraph.)

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