SailPoint (SAIL.O), a Thoma Bravo-backed identity security company, returned to the stock market on Thursday with a valuation of $12.8 billion.
Its shares debuted at $23 per share, in line with their offer price, signaling a cautious investor sentiment amid an uncertain IPO market.
The 2025 IPO market has been experiencing mixed results, as traders navigate regulatory changes, policy uncertainties, and potential delays in interest rate cuts. While Karman Holdings (KRMN.N) surged 36% on its debut, Venture Global (VG.N) fell short of market expectations last month.
SailPoint was originally acquired by Thoma Bravo in 2014, went public in 2017, and was taken private again in 2022 in a $6.9 billion deal. The Austin, Texas-based company provides identity security solutions to major clients like General Motors (GM.N) and Hershey (HSY.N). With stricter data privacy laws, rising global cyber threats, and the growth of AI-driven cybersecurity risks, demand for SailPoint’s services has increased significantly.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, noted that SailPoint is well-positioned to benefit from heightened cybersecurity concerns. The company, alongside Thoma Bravo, raised $1.38 billion in an upsized IPO.
Despite lingering concerns about inflation and potential interest rate hikes, venture capitalists remain eager to push IPOs forward. Jesse Coors-Blankenship, co-founder of Parkway Venture Capital, stated, "The market's been dying to move forward."
