SailPoint, which provides identity governance software to enterprises, announced terms for its IPO on Tuesday.
The Austin, TX-based company plans to raise $1.0 billion by offering 50 million shares (5% secondary) at a price range of $19 to $21. Cornerstone investors intend to purchase 20% of the shares in the offering. At the midpoint of the proposed range, SailPoint would command a fully diluted market value of $11.5 billion.
SailPoint delivers solutions to enable comprehensive identity security for the enterprise, serving customers that include many of the world’s largest and most complex organizations, including large enterprises across all major verticals and governments. The company offers a range of solutions to meet the varied needs of its customers across multiple deployment options, including Identity Security Cloud, its SaaS-based cloud solution built on its unified platform Atlas, and IdentityIQ, its customer-hosted identity security solution.
SailPoint was founded in 2005 and booked $824 million in revenue for the 12 months ended October 31, 2024. It plans to list on the Nasdaq under the symbol SAIL. Morgan Stanley, Goldman Sachs, J.P. Morgan, Evercore ISI, BofA Securities, Barclays, Jefferies, RBC Capital Markets, BMO Capital Markets, BTIG, Mizuho Securities, Piper Sandler, TD Cowen, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of February 10, 2025.