BENGALURU Cybersecurity software firm Rubrik, backed by Microsoft, said on Tuesday it is targeting a valuation of up to US$5.44 billion in its US initial public offering (IPO).

Technology companies have been leading a rebound in listings this year, as stronger equity markets and robust debuts including social media platform Reddit and chip firm Astera Labs encourage others to press ahead with their IPO plans.

Walmart-backed digital marketing company Ibotta is also set to go public later this week.

Rubrik said it is aiming to raise up to US$713 million by selling 23 million shares priced between US$28 and US$31 each.

Reuters was the first to report that the company is planning to market its shares at that price range and expects to go public as early as April.

Palo Alto, California-based Rubrik provides data security solutions to more than 6,100 customers including appliance maker Whirlpool, snacks and beverages giant PepsiCo, and investment bank Goldman Sachs.

Founded in 2014 by venture capitalist Bipul Sinha, the company was valued at US$4 billion after Microsoft made an investment in 2021. Venture capital firms Greylock Partners and Lightspeed Venture Partners are also investors of Rubrik.

The company, which was initially named ScaleData, competes with data management and protection vendors including Cohesity, Commvault, Veeam, IBM and Dell EMC.

Rubrik will list on the New York Stock Exchange under the symbol 'RBRK'.

Goldman Sachs, Barclays, Citigroup, and Wells Fargo Securities are among more than a dozen underwriters managing the IPO.

  - Reuters