SailPoint Prices Upsized IPO at $23 Per Share, Begins Trading on Nasdaq Under 'SAIL'
SailPoint, a provider of unified identity security for enterprises, announced the pricing of its upsized initial public offering of 60,000,000 shares of its common stock at a public offering price of $23 per share.
The offering consists of 57,500,000 shares of common stock to be issued and sold by SailPoint and 2,500,000 shares of common stock to be sold by certain existing stockholders. In addition, SailPoint has granted the underwriters a 30-day option to purchase up to an additional 9,000,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The company said it offered 10 million more shares than anticipated.
The shares began trading on Nasdaq Global Select Market on February 13 under the ticker symbol SAIL. The offering is expected to close on February 14, subject to customary closing conditions.
The company is making its comeback to the U.S. stock market after being private for over two years. SailPoint initially went public in 2017, three years after its acquisition by Thoma Bravo, which reacquired the company in a $6.9 billion deal in 2022.
With its latest pricing, SailPoint marks the largest technology IPO since Arm's $4.9 billion offering in September 2023 and the biggest software IPO since AppLovin's $2 billion debut in April 2021, according to renaissancecapital.com.
SailPoint intends to use its net proceeds from this offering to repay a portion of its term loan, settle outstanding equity awards and equity appreciation rights, pay outstanding fees under the advisory services agreement with Thoma Bravo, and for general corporate purposes. SailPoint will not receive any proceeds from the sale of the shares offered by the selling stockholders.
Morgan Stanley and Goldman Sachs & Co. are acting as joint lead book-running managers for the offering. J.P. Morgan and Evercore ISI are acting as book-running managers. BofA Securities, Barclays, Jefferies, RBC Capital Markets, BMO Capital Markets, BTIG, Mizuho, Piper Sandler, TD Cowen and Truist Securities are also acting as bookrunners. Netrex Capital Markets, Academy Securities, CastleOak Securities, L.P., Penserra Securities and R. Seelaus & Co. are acting as co-managers.
