SailPoint seeks up to $12.57 billion valuation in U.S. IPO
Investing.com -- Cybersecurity company SailPoint is aiming for a valuation of up to $12.57 billion in its U.S. initial public offering (IPO), marking the first significant test of investor interest in tech stocks this year.
This announcement comes as U.S. IPOs are set to rebound after nearly three years of slow activity. It's anticipated that established firms with demonstrated revenue, earnings capability, and high-profile support will spearhead this resurgence.
Based in Austin, Texas, SailPoint and its parent company, Thoma Bravo, are collectively offering 50 million shares. The shares are priced between $21 and $23 each, with the goal to raise as much as $1.15 billion.
This new proposed range is an increase from the previous one, which was between $19 and $21 per share, aiming to raise up to $1.05 billion and targeting a valuation of up to $11.5 billion.
Morgan Stanley (NYSE: MS ) and Goldman Sachs have been selected as the lead underwriters for the offering. SailPoint will be listed on the NASDAQ under the symbol "SAIL".
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