Cybersecurity company SailPoint raises IPO pricing to $21 to $23 per share, increasing fundraising to $1.15 billion
Cybersecurity company SailPoint plans to conduct its initial public offering (IPO) in February 2025, raising the price per share to between $21 and $23, with expected fundraising increasing to $1.15 billion. The company, headquartered in Austin, Texas, plans to issue 50 million shares, with a maximum valuation of $12.57 billion. SailPoint focuses on identity management solutions, with annual recurring revenue of $813 million. The co-bookrunners for this IPO include Morgan Stanley, Goldman Sachs, and others, with pricing expected to be completed in the week of February 10, 2025
According to Zhitong Finance APP, cybersecurity company SailPoint (SAIL.US) plans to conduct its initial public offering (IPO) in February 2025 and has increased the proposed transaction size. The company, headquartered in Austin, Texas, currently plans to issue 50 million shares at a price of $21 to $23 per share, with a maximum fundraising amount expected to reach $1.15 billion. Previously, SailPoint had planned to issue the same number of shares at a price of $19 to $21 per share, targeting a fundraising amount of $1.05 billion. After this adjustment, SailPoint's valuation could reach up to $12.57 billion.
SailPoint was founded in 2005 and focuses on providing comprehensive identity management solutions for enterprises, serving some of the largest companies and government agencies globally. Its solutions cover multiple deployment options, including the SaaS cloud solution Identity Security Cloud built on the unified platform Atlas, as well as customer-hosted identity security solutions IdentityIQ. As of October 31, 2024, SailPoint's annual recurring revenue (ARR) was $813 million, a year-on-year increase of 30%. For the 12 months ending October 31, 2024, the company's total revenue was $824 million.
SailPoint plans to list on NASDAQ under the ticker symbol "SAIL." The joint bookrunners for this IPO include Morgan Stanley, Goldman Sachs, JP Morgan, Evercore ISI, Bank of America Securities, Barclays, Jefferies, Royal Bank of Canada Capital Markets, Bank of Montreal Capital Markets, BTIG, Mizuho Securities, Piper Sandler, TD Cowen, and Truist Securities. The IPO pricing is expected to be completed in the week of February 10, 2025.
It is worth mentioning that the backdrop of this IPO is the anticipated recovery of the U.S. IPO market after nearly three years of stagnation. SailPoint's IPO is seen as an important test of investor interest in technology stocks in 2025
