(Feb 13): SailPoint Inc and a group of shareholders including its main backer, Thoma Bravo, raised US$1.38 billion (RM6.16 billion) in an enlarged initial public offering (IPO) for the enterprise security software company, pricing shares at the top of a marketed range.

The Austin-based company and the sellers sold 60 million shares on Thursday for US$23 each, according to a statement confirming a Bloomberg News report. Earlier, 50 million shares were marketed for US$21 to US$23 apiece. SailPoint had increased the price range on Tuesday from US$19 to US$21 per share.

At the IPO price, SailPoint has a market value of US$12.8 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Affiliates of AllianceBernstein and Dragoneer Investment Group agreed to buy as much as 20% in aggregate of the IPO shares at the offer price, the filing shows. Those shares aren’t subject to a lock-up agreement.

Founded in 2005, SailPoint uses artificial intelligence to manage identity security for businesses. It had 2,645 employees in 22 countries as of Oct 31. Thoma Bravo took SailPoint private in 2022 in a US$6.9 billion transaction.

SailPoint has narrowed its losses as its revenue has grown, the firm disclosed in an earlier filing. The company had net loss of US$236 million on revenue of US$621 million for the nine months ended Oct 31, versus a net loss of US$308 million on revenue of US$497 million a year earlier.  

Among possible risks to its business flagged in the filing, the firm cited reports of an increase in Russian cyberattacks in connection with the war in Ukraine, and said it may face a heightened risk of state-sponsored cyberattacks in the near term. 

The US market for IPOs has perked up over the past year. First-time share sales have raised US$6.5 billion in 2025, with January having its busiest start for such sales since 2022, data compiled by Bloomberg show. Also on Wednesday, space and defense firm Karman Holdings Inc and some of its shareholders raised US$506 million in an IPO priced above a marketed range.

SailPoint’s offering is being led by Morgan Stanley and Goldman Sachs Group Inc. The company’s shares are set to begin trading on Thursday on the Nasdaq Global Select Market under the symbol SAIL.

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