SailPoint (SAIL.US) IPO priced at $19-$21/share, raising $1bn

SailPoint (SAIL.US), a provider of identity management software for enterprises, on Tuesday filed IPO terms. The Austin, Texas-based company plans to price its 50 million shares at $19 to $21 per share, raising $1 billion. The underwriters are expected to sell 20% of the shares to anchor investors. At the midpoint of the proposed price range, SailPoint's fully diluted market capitalization would be $11.5 billion.

SailPoint offers solutions for enterprises to achieve comprehensive identity security, serving many of the world's largest and most complex organizations, as well as large enterprises and governments in all major verticals. The company offers a range of solutions to meet different needs in various deployment options, including Identity Security Cloud, a SaaS cloud solution based on the unified platform Atlas, and IdentityIQ, a customer-hosted identity security solution.

SailPoint was founded in 2005 and had revenue of $824 million in the 12 months ended October 31, 2024. The company plans to list on the Nasdaq under the ticker SAIL. SailPoint filed confidentially on September 12, 2024. Morgan Stanley and Goldman are joint bookrunners on the deal, which is expected to price in the week of February 10, 2025.