SailPoint, which provides identity governance software to enterprises, raised the proposed deal size for its upcoming IPO on Tuesday.
The Austin, TX-based company now plans to raise $1.1 billion by offering 50 million shares (5% secondary) at a price range of $21 to $23. The company had previously filed to offer the same number of shares at a range of $19 to $21. At the midpoint of the revised range, SailPoint will raise 10% more in proceeds than previously anticipated.
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. As of October 31, 2024, SailPoint generated $813 million in ARR, a 30% increase year-over-year.
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.