The Thoma Bravo-owned identity security company signals that it’s moving closer to completing its planned initial public offering, which would be the first in the cybersecurity industry in nine months.
SailPoint disclosed Tuesday that it’s seeking to raise up to nearly $1 billion as part of its planned initial public offering.
The identity security vendor said in a filing with the U.S. Securities and Exchange Commission that it plans to offer 47.5 million shares at an expected price range of between $19 and $21 per share.
[Related: SailPoint Files IPO Plan: 5 Things To Know]
The filing, which also shows that stockholders plan to sell 2.5 million in SailPoint shares during the offering, signals that the company is moving closer to completing its planned IPO. The Thoma Bravo-owned vendor publicly disclosed its IPO intentions filing in January.
The offering would give SailPoint a valuation of up to $11.5 billion if shares are sold at the top end of the range, according to a Reuters report. The company is seeking to be listed on the Nasdaq Global Select Market under the symbol “SAIL.”
If completed, the IPO would be the first in the cybersecurity industry in nine months and just the second since 2021. Data security vendor Rubrik completed its IPO in April 2024.
Founded in 2005, SailPoint previously went public in 2017 and operated as a publicly traded company until August 2022, when it was acquired by private equity firm Thoma Bravo for $6.9 billion.
In a letter included with the SEC filing, SailPoint CEO Mark McClain (pictured) said that interest in identity security has “amplified considerably” since the company’s earlier IPO, with the notion of taking an “identity-centric” approach to security now often viewed as critical.
“As a result of this new reality, we believe demand for identity security solutions has continued to build in the years since our first IPO,” he wrote in the letter.
In the company’s filing with the SEC, SailPoint disclosed generating total revenue of $621.5 million for the nine-month period ended Oct. 31, 2024. That represented revenue growth of 25 percent from the same period a year earlier, when the company generated $496.9 million.
SailPoint also reported that its loss from operations narrowed to $158.52 million during the nine months ended at the end of October, from $267.5 million the year before.
