AIL successfully raised $1.38 billion, with shares sold at $23 each.SailPoint Technologies Holdings, Inc., a prominent player in the cybersecurity sector, is set to make a significant move by going public on the NASDAQ. The company, known for its expertise in identity security, is offering 50 million shares. This move marks SailPoint's return to the public market after more than two years of being private, as highlighted by Business Wire.
In its recent initial public offering (IPO) on the NYSEAIL, SailPoint successfully raised $1.38 billion. The IPO was priced at the top end of its marketed range, with shares sold at $23 each. This offering involved the sale of 60 million shares, resulting in a valuation of $12.6 billion for the company. The upsized offering reflects strong investor demand, as noted by Business Wire.
SailPoint's IPO marks a significant moment for the U.S. IPO market, which is expected to rebound after nearly three years of slow activity. The company, along with its parent company Thoma Bravo, initially planned to sell 50 million shares priced between $19 and $21. However, the proposed price range was increased to between $21 and $23, aiming to raise up to $1.15 billion, as highlighted by Business Wire.
The stock for SailPoint, trading on the NYSE under the ticker symbol "SAIL," is currently priced at $65.24. It has experienced a slight increase of approximately 0.25%, translating to a change of $0.16. The trading volume for SAIL is notable, with approximately 9.8 million shares exchanged, indicating strong market interest.
Morgan Stanley and Goldman Sachs are the lead underwriters for SailPoint's offering. The company plans to use the net proceeds from this offering to repay a portion of its term loan. This strategic move is expected to strengthen SailPoint's financial position and support its growth initiatives in the cybersecurity industry.
