(Bloomberg) -- Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is on track to hold its initial public offering this year and its investor roadshow could start as early as October, according to people familiar with the matter. 

The offering could raise $500 million to $700 million, the people said, asking not to be identified because the matter is private. The timing and the amount to be raised could still change and depends on market conditions. Rubrik could still always move its IPO into next year, they added. 

The company held a meeting with research analysts on Thursday to help them better understand Rubrik’s operations and make growth analyses and predictions accordingly, the people said. 

A representative for Rubrik declined to comment. 

Rubrik will be joining a handful of technology companies with sizable IPOs planned for the coming months, widely viewed as as a gauge of the market’s reception towards new listings. SoftBank Group Corp.’s Arm Holdings Ltd. is set to launch its roadshow for its offering next week, with other IPO candidates Instacart Inc. and Klaviyo Inc. not far behind.  

Palo Alto, California-based Rubrik has also rounded out a full team of underwriters, adding seven banks on top of the three lead underwriters: Goldman Sachs Group Inc., Barclays Plc, and Citigroup Inc, the people added. The new additions include Mizuho Financial Group Inc., TD Cowen and UBS Group AG, they said. 

Reuters in June reported that the company had hired banks for an IPO. 

Microsoft made an equity investment in Rubrik in 2021 in a round that valued it at $4 billion, Bloomberg News reported. 

Other backers of the company include Bain Capital Ventures, Lightspeed Ventures, Greylock Partners, and Khosla Ventures.

The company has raised several rounds of funding, up to more than $1 billion, according to data provider PitchBook.

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