Tonight returning to the US stock market, cybersecurity company SailPoint IPO priced at $23

According to the Zhitong Finance APP, American cybersecurity company SailPoint priced its initial public offering (IPO) on Thursday at the upper limit of the market range of $21-23, specifically at $23, indicating that this IPO will raise approximately $1.38 billion for the identity security-focused cybersecurity company and its selling shareholders.

The Texas-based technology company and its parent company Thoma Bravo are set to sell about 60 million shares at a price of $23 per share, bringing SailPoint's valuation to $12.6 billion ahead of its relisting on the U.S. stock market after more than two years of privatization.

SailPoint and Thoma Bravo initially planned to sell 50 million shares at a price of $19 to $21 per share.

It is understood that SailPoint was previously listed on the U.S. stock market and sparked a strong bullish wave among Wall Street and retail investors. As early as 2017, SailPoint went public on the New York Stock Exchange under the ticker symbol "SAIL." However, in 2022, private equity firm Thoma Bravo acquired SailPoint for $6.12 billion and took it private, leading to its delisting from the public market.

In early 2025, SailPoint, which was privatized by Thoma Bravo, submitted a prospectus to return to the U.S. stock market, planning to list on the NASDAQ with the ticker symbol still as "SAIL."

The level of funding enthusiasm for SailPoint's return to the U.S. stock market may provide a much-needed boost in cash flow ahead of the concentrated IPO period in March and set an optimistic tone for companies seeking to go public in the coming months.

Currently, the U.S. IPO market is experiencing a seasonal downturn that typically occurs in February, as companies seeking to go public are working to complete their annual performance, followed by a wave of IPOs that often arrives in March.

"We expect more companies to choose to go public in March after the seasonal downturn in February," said Nicholas Smith, a senior research analyst at Renaissance Capital.

It is understood that Thoma Bravo manages approximately $166 billion in assets and first invested in and acquired SailPoint in 2014, pushing it to go public three years later.

SailPoint traded on the New York Stock Exchange from 2017 to 2022, after which Thoma Bravo acquired the company again for approximately $6.9 billion and took it private.

Morgan Stanley and Goldman Sachs are the main underwriters for SailPoint's return to the U.S. stock market.

Including Morgan Stanley and Goldman Sachs, SailPoint has selected 19 Wall Street banks to participate in this large IPO, which will begin trading on the NASDAQ market on Thursday, with the ticker symbol still set as "SAIL."

SailPoint is an enterprise identity security company founded in 2005, headquartered in Austin, Texas, USA. The company focuses on providing identity governance and management solutions to help enterprises control user access to applications and data, thereby reducing the risk of sensitive information leakage Its main products include cloud-based identity security solutions Identity Security Cloud, customer-hosted identity security solutions IdentityIQ, and the unified platform Atlas.

SailPoint has a certain degree of competitive relationship with cybersecurity technology companies such as Palo Alto Networks Inc (PANW.US) and CrowdStrike (CRWD.US) in the field of cybersecurity, but it focuses on identity governance security and management systems, while Palo Alto Networks mainly provides network security protection solutions, and CrowdStrike focuses on endpoint protection. Therefore, there is inevitably some overlap in the business areas of SailPoint and these companies, but the focus is distinctly different.

With the AI boom sweeping the globe, "AI + cybersecurity services" has become a key focus for SailPoint. The cybersecurity services powered by new generative AI technology offer unparalleled convenience due to their low technical barriers, as well as an exponential increase in efficiency brought by AI technology. These two aspects are very attractive to companies that are laying out AI software applications. Whether in the early development of AI application software or in the later deployment of programs and efficient operation of AI workloads, both rely on the support of two core technologies: AI large models and enterprise-level big data. The focus on low technical operation barriers and high efficiency in "AI + cybersecurity services" will undoubtedly provide stronger cybersecurity support for these two technologies