On February 13, SailPoint set the price for its New York initial public offering at $23 per share, at the top end of the $21-$23 range, raising $1.38 billion for the identity security firm and the selling stockholder. The Austin, Texas-based company, along with its parent Thoma Bravo, sold 60 million shares, valuing SailPoint at $12.6 billion prior to its U.S. stock market listing more than two years after going private.
SailPoint and Thoma Bravo intended to sell 50 million shares originally priced between $19 and $21. A successful stock market return for SailPoint could provide a significant boost as it gears up for the March IPO market, potentially setting the tone for upcoming listings.
As businesses work on finalizing their full-year results, the IPO market is expected to experience a February slowdown, with more companies likely to debut starting in March. Thoma Bravo, with approximately $166 billion in assets under management, acquired SailPoint in 2014 and subsequently took it public three years later. SailPoint had been listed on the New York Stock Exchange since 2017 until 2022 when Thoma Bravo repurchased it in a $6.9 billion transaction.
Morgan Stanley and Goldman Sachs served as the lead underwriters for the offering, while SailPoint, engaging 19 Wall Street banks for the IPO, is scheduled to commence trading on the Nasdaq under the symbol "SAIL" on Thursday.