SailPoint, the cybersecurity firm backed by private equity giant Thoma Bravo, is planning to float shares in New York, targeting a valuation of up to $11.5bn and marking a return to public markets after two years of private ownership.
The Texas-based company, alongside parent Thoma Bravo, is aiming to raise up to $1.05bn by offering 50 million shares priced between $19 and $21 each. This includes 47.5 million shares from SailPoint and 2.5 million shares from Thoma Bravo.
The flotation is set to be one of the first major US tech IPOs of the year, testing market appetite after lacklustre performances from high-profile debuts like Venture Global and Smithfield Foods.
SailPoint specialises in identity and access management (IAM) software, which helps companies secure sensitive data and prevent unauthorised access. The increasing prevalence of cyberattacks, especially those leveraging artificial intelligence, has driven demand for such services. The company’s competitors include Microsoft, IBM, Oracle, CyberArk, Okta, and One Identity. SailPoint’s customer roster features major names like PACCAR, Nelnet, and ASDA.
SailPoint previously traded on the New York Stock Exchange between 2017 and 2022, when it was reacquired by Thoma Bravo for $6.9bn. Since then, it has transitioned to a SaaS-first subscription model.
Shares of rival cybersecurity firm Rubrik have surged since its IPO last year, underscoring the strong market interest in the sector.
Institutional investors AllianceBernstein and Dragoneer Investment Group are expected to purchase up to 20% of the shares offered at the IPO price, with proceeds from the listing set to be used to repay debt, settle equity awards, and fund other corporate purposes.
Thoma Bravo, which manages about $166bn in assets, will retain an 88.5% stake in SailPoint post-IPO.
Morgan Stanley and Goldman Sachs are leading the underwriting, with SailPoint tapping a total of 19 banks for the offering. The company plans to list on Nasdaq under the ticker symbol “SAIL”.
