SailPoint Returns to Public Markets with $1.38B IPO
SailPoint (SAIL) is set to begin trading on the Nasdaq on Thursday after pricing its IPO at the top end of its target range. The cybersecurity company raised $1.38 billion in proceeds at a valuation of $12.6 billion.
Founder and CEO Mark McClain highlighted the market's appetite for profitable growth companies. SailPoint's closest competitor, Okta (OKTA), has a valuation of $16.8 billion.
Previously taken public by Thoma Bravo in 2017, SailPoint is now a more mature company. Despite a shift to SaaS, it reported a net loss for the nine months ended October 2024. However, McClain emphasized profitability on a non-GAAP basis.
Post-IPO, Thoma Bravo will retain approximately 88% ownership and control over board-level decisions. SailPoint serves as the first significant test for the 2025 tech IPO market, with companies like Stripe expected to make their debut.
Renaissance Macro anticipates a strong year for IPOs, estimating up to 195 companies raising $55 billion. The 2024 aftermarket performance showed resilience, with an average gain of 30% for offerings over $50 million.
SailPoint's IPO reflects the increasing demand for cybersecurity solutions and the favorable regulatory outlook for businesses under President Trump.