Cybersecurity software firm Rubrik, which counts Microsoft MSFT-Q among its prominent investors, is aiming to raise as much as $713-million in its initial public offering, according to a person familiar with the matter.

Palo Alto, California-based Rubrik is planning to sell 23 million shares priced between $28 and $31 per share, the source said on condition of anonymity because the discussions are confidential.

At the upper end of the range, Rubrik would be valued at about $5.4 billion, the source added, cautioning the company’s plans are subject to market conditions and could change.

Rubrik did not immediately respond to a request for comment.

Rubrik’s plans to go public come as the U.S. IPO market is showing early signs of a rebound after stock market launches froze up during most of 2022 and 2023.

Following the successful stock market flotations of social media platform Reddit and semiconductor connectivity firm Astera Labs, several companies including Cato Networks and Synechron have kicked off preparations to go public.

Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. The company serves more than 5,000 business customers, including Nvidia Corp and Home Depot.

Rubrik’s subscription annual recurring revenue grew 47% at the end of January, compared to a year earlier, according to its IPO filing. It also disclosed a loss of $354 million on revenue of $628 million for the 12 months ended Jan. 31, compared with a loss of $278 million on revenue of $600 million a year earlier.

Alongside its plans to go public, Rubrik is also handling a U.S. fraud investigation into one of its former employees.

The probe was launched in October 2023 and is being carried out by the U.S. Department of Justice, which is looking into whether the former employee diverted funds paid by the U.S. government for 110 contracts with Rubrik into an operating entity he had created, Reuters reported in February.

In its IPO filing, Rubrik said it is co-operating with this investigation, which is ongoing.

Goldman Sachs, Barclays, Citigroup, and Wells Fargo are the lead underwriters for Rubrik’s IPO. The company plans to list its shares on the New York Stock Exchange under the ticker RBRK.