Here is the rewritten content without changing its meaning, retaining the original length, and keeping proper headings and titles:
Cybersecurity Firm SailPoint Targets $11.5 Billion Valuation in IPO
Cybersecurity firm SailPoint announced on Tuesday that it is targeting a valuation of up to $11.5 billion in its initial public offering (IPO) in the United States.
Private equity-backed companies are expected to lead the charge in the IPO market as sponsors look to unload holdings and return capital to investors.
SailPoint and Thoma Bravo Offer 50 Million Shares
SailPoint and its parent company, Thoma Bravo, are offering 50 million shares priced between $19 and $21 each to raise a total of up to $1.05 billion. Austin, Texas-based SailPoint is offering 47.5 million shares, while Thoma Bravo is selling 2.5 million shares.
IPO Will Be a Major Test of Investor Appetite
The IPO will be a major test of investor appetite and comes after underwhelming debuts from some high-profile listings. It could set the tone for other firms considering listing in the coming months.
Recovery in the IPO Market
While there has been a recovery in the IPO market, investors remain selective about which companies to back and are cautious about valuations.
SailPoint’s Identity and Access Management Software
Founded in 2005, SailPoint specializes in identity and access management software that helps businesses mitigate unwanted user access and reduce the risk of sensitive data leaks. SailPoint’s identity security offerings compete with products from IBM, Microsoft, Oracle, CyberArk, Okta, and One Identity.
Customers of SailPoint
SailPoint’s customers include truckmaker PACCAR, student loan servicer Nelnet, and British supermarket chain ASDA.
Thoma Bravo’s Acquisition of SailPoint
Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014. Three years later, the Chicago-based buyout firm took SailPoint public in New York, in what was Thoma Bravo’s first-ever IPO of a portfolio company.
Cornerstone Investors Interested in Buying Up to 20% of Shares
Cornerstone investors AllianceBernstein and Dragoneer Investment Group have separately indicated interest in buying up to 20% of the shares sold in the IPO.
Lead Underwriters
Morgan Stanley and Goldman Sachs are the lead underwriters.
SailPoint to List on Nasdaq
SailPoint will list on the Nasdaq under the symbol "SAIL."
Published On Feb 5, 2025 at 09:52 AM IST
Category Most Read Placement
Comment Section
Comment Section
Source Link
