SailPoint Technologies has made a blockbuster return to Wall Street, pricing its $1.38 billion initial public offering (IPO) at the top of its range and securing a market valuation of $12.6 billion.
The Austin, Texas-based cybersecurity firm, backed by private equity giant Thoma Bravo, began trading Thursday on the Nasdaq under the ticker symbol “SAIL”. The IPO’s strong investor demand prompted an upsized offering, further cementing SailPoint’s status as a key player in the identity security market.
A Deal Three Years in the Making
The offering marks SailPoint’s second IPO in less than a decade. The company first went public in 2017 on the New York Stock Exchange, where it traded for five years before Thoma Bravo took it private in a $6.9 billion buyout in 2022. Now, just three years later, SailPoint has returned to public markets—this time with a significantly higher valuation.
SailPoint’s IPO involved 60 million shares priced at $23 each—the peak of its revised range of $21 to $23. Of these, the company offered 57.5 million shares, primarily using the proceeds to pay down debt, while Thoma Bravo sold 2.5 million shares but still retains a majority stake in the company.
