SailPoint Targets $11.5 Billion Valuation in Return to Public Markets

The cybersecurity firm plans to raise over $1 billion through its IPO, marking a key test for 2025's tech IPO market.

SailPoint, a Texas-based cybersecurity company specializing in identity and access management, plans to offer 50 million shares priced between $19 and $21 each.
The IPO is expected to raise up to $1.05 billion and value the company at approximately $11.5 billion, with shares to trade on the Nasdaq under the ticker 'SAIL.'
This marks SailPoint's second IPO after being taken private in 2022 by private equity firm Thoma Bravo in a $6.9 billion deal.
Thoma Bravo will retain an 87% stake in SailPoint post-IPO, while cornerstone investors AllianceBernstein and Dragoneer Investment Group are interested in purchasing up to 20% of the shares offered.
The IPO is seen as an early indicator of investor appetite for tech offerings in 2025, following a modest recovery in the U.S. IPO market over the past two years.