Cybersecurity Firm SailPoint Raises IPO Valuation Target to $12.57 Billion
SailPoint, a leading cybersecurity firm, announced its plans to seek a valuation of up to $12.57 billion in its initial public offering (IPO) in the United States. This marks the first major test of investor appetite for tech stocks in the year 2023.
After a period of subdued activity, IPOs are poised for a robust comeback in the U.S. market. Established companies with proven revenue streams, strong earnings, and notable backing are expected to drive this resurgence.
Based in Austin, Texas, SailPoint and its parent company Thoma Bravo are offering 50 million shares priced between $21 and $23 per share, potentially raising up to $1.15 billion. The initial proposed range was $19 to $21 per share, aiming to raise $1.05 billion for a valuation target of $11.5 billion.
The increase in the proposed price range prior to the IPO's closing is often interpreted as a sign of robust investor demand. Morgan Stanley and Goldman Sachs are acting as lead underwriters for the offering.
SailPoint plans to list its shares on the Nasdaq under the ticker symbol "SAIL."