(Bloomberg) -- Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., will seek to raise as much as $713 million in an initial public offering, a person familiar with the matter said.

Most Read from Bloomberg

• Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding

• Tesla Asks Investors to Approve Musk’s $56 Billion Pay Again

• Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs

• Bankers Hit With Millions in Breakup Fees for Ditching New Jobs

• China Tells Iran Cooperation Will Last After Attack on Israel

The company plans to market 23 million shares for $28 to $31 each, said the person, who asked not to be identified because the information wasn’t public.

A representative for Rubrik declined to comment. The intended price range was reported earlier by Reuters.

Rubrik was founded in 2013 and released its first product in 2016. It said in filings with the US Securities and Exchange Commission that it now has more than 6,100 customers, including Goldman Sachs Group Inc., Barclays Plc and Citigroup Inc.

Its clients also 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.

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 its filings.

Most Read from Bloomberg Businessweek

• Aging Copper Mines Are Turning Into Money Pits Despite Demand

• For Multinationals, Africa’s Allure Is Fading

• A Very Bad Week for Tesla, Its Employees and Even Elon Musk

• Premiums Are Rising, and Insurers Say Lawsuits Are to Blame

• Amazon Expands Sales of Its Cashierless Tech, While Scaling Back Itself

©2024 Bloomberg L.P.