Thoma Bravo-backed cybersecurity firm SailPoint is set to make its return to the U.S. stock market on Thursday, as it begins trading on the Nasdaq. The Austin, Texas-based company, in partnership with Thoma Bravo, raised $1.38 billion in an upsized IPO, selling 60 million shares at $23 each. This exceeded their initial goal of selling 50 million shares priced between $21 and $23.
The increasing importance of data privacy regulations, the rise in global cyberattacks, and the emergence of AI-driven cybersecurity threats have all contributed to the growing value of companies like SailPoint. SailPoint initially went public in 2017, before being acquired by Thoma Bravo in 2019 through a $6.9 billion deal.
A successful debut for SailPoint could pave the way for other companies in the pipeline, such as chipmaker Cerebras, buy now, pay later giant Klarna, and AI software firm Genesys, to move forward with their own listing plans in the near future.
While the U.S. IPO market has seen mixed results recently, with some companies falling short of expectations, there is still optimism among investors. Nicholas Smith, a senior research analyst at Renaissance Capital, noted that solid companies can still perform well in the market.
As investors await more policy clarity under President Donald Trump’s administration, SailPoint continues to provide its clients, including General Motors and Hershey, with the tools to design and manage their own security processes. Morgan Stanley and Goldman Sachs served as the lead underwriters for the offering.