SailPoint IPO may be 20 or more times oversubscribed - Bloomberg
Investing.com -- Cybersecurity firm SailPoint Inc. has informed potential investors that its initial public offering (IPO) has garnered orders for over 20 times the available shares, as reported by Bloomberg News, citing people familiar with the situation. The company is targeting a valuation of up to $12.57 billion in its U.S. IPO, marking a significant test of investor interest in tech stocks this year.
SailPoint, headquartered in Austin, Texas, and its parent company, Thoma Bravo, are jointly offering 50 million shares. The shares are priced between $21 and $23 each, aiming to raise as much as $1.15 billion.
This proposed range represents an increase from the previous one, which was between $19 and $21 per share. The earlier range aimed to raise up to $1.05 billion and targeted a valuation of up to $11.5 billion.
Morgan Stanley (NYSE: MS ) and Goldman Sachs have been appointed as the lead underwriters for the offering. SailPoint will be listed on the NASDAQ under the symbol "SAIL".
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