SailPoint Completes IPO, Boosting Fundraise To $1.32B

The identity security firm becomes just the second cybersecurity vendor to go public since 2021.

SailPoint completed its initial public offering Thursday, becoming the second cybersecurity vendor to go public since 2021.

The offering saw major demand from investors and the identity security firm priced its IPO shares at $23 a piece. That’s above the previous expected range of $19 and $21 a share.

SailPoint sold 57.5 million shares in the offering, the company disclosed Thursday, raising $1.32 billion. Existing shareholders also sold 2.5 million shares in the offering, bringing the total amount raised in the IPO to $1.38 billion.

Shares will trade on the Nasdaq Global Select Market under the symbol “SAIL.”

The Thoma Bravo-owned vendor publicly disclosed its IPO intentions filing in January.

The IPO is the first in the cybersecurity industry in nine months, following data security vendor Rubrik’s IPO in April 2024. Prior to that, there hadn’t been a cybersecurity industry IPO since September 2021.

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 in January, 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.