SailPoint Raises $1.38B in IPO, Valued at $12.8B
Austin-based enterprise security software provider SailPoint Inc. and its shareholders, including primary backer Thoma Bravo, have raised $1.38 billion in an enlarged initial public offering (IPO). The shares were priced at the upper end of the marketed range.
Key Points:
* 60 million shares sold at $23 per share, exceeding the initial offering of 50 million shares priced at $21-$23 apiece.
* SailPoint's market value stands at $12.8 billion based on outstanding shares.
* AllianceBernstein and Dragoneer Investment Group committed to acquiring 20% of IPO shares.
* Founded in 2005, SailPoint leverages AI for business identity security management.
* Revenue growth has narrowed losses, with a net loss of $236 million on $621 million revenue in the nine months ended October 2023.
* Risks identified by SailPoint include potential Russian cyberattacks due to the Ukraine conflict.
* The U.S. IPO market has shown improvement in 2023, with $6.5 billion raised in first-time share sales.
* SailPoint's shares will trade on the Nasdaq Global Select Market under the ticker SAIL.
* Morgan Stanley and Goldman Sachs Group Inc. are leading the offering.