Rubrik may be planning to apply for an IPO this April. However, the company is currently under suspicion in a fraud case. Reuters report this based on sources.
Rubrik may want to seek a public listing in April this year. The company is said to have a market value of about $4 billion. Rubrik’s annual recurring revenue is around 600 million euros and the company has more than 5,000 customers.
Rubrik has been exploring the possible IPO for some time. Earlier rumours circulated that the company wanted to go public as early as the end of last year. April 2024 is mentioned by Reuters sources.
Fraud case
However, a current fraud case surrounding the company could possibly throw a spanner in the works, thanks to the U.S. Department of Justice. The case revolves around a former Rubrik sales representative and the reappropriation of 110 contracts with the U.S. government. The total value of these, $46 million, was transferred to a separate business unit.
Rubrik is cooperating with the U.S. Justice Department, and by March of this year, there should be more clarity on the possible fraud involving government funds. If this turns out to be favourable, the IPO could then go ahead the following month.
Another possible IPO competitor
Rubrik is not the only company considering a possible IPO within its market segment. Competitor Cohesity is also said to be considering a move to the Nasdaq since 2021, but it too has yet to materialize.
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