SailPoint, which provides identity governance software to enterprises, raised $1.4 billion by offering 60 million shares (4% secondary) at $23, the high end of the upwardly revised range of $21 to $23. The company offered 10 million more shares than anticipated.
At pricing, SailPoint is the largest technology IPO since Arm (ARM; $4.9B) in September 2023, and the largest software IPO since AppLovin (APP; $2.0B) in April 2021.
SailPoint delivers solutions to enable comprehensive identity security for the enterprise, serving customers that include many of the world’s largest and most complex organizations, including large enterprises across all major verticals and governments. The company offers a range of solutions to meet the varied needs of its customers across multiple deployment options, including Identity Security Cloud, its SaaS-based cloud solution built on its unified platform Atlas, and IdentityIQ, its customer-hosted identity security solution. As of October 31, 2024, SailPoint generated $813 million in ARR, a 30% increase year-over-year.
SailPoint plans to list on the Nasdaq under the symbol SAIL. Morgan Stanley, Goldman Sachs, J.P. Morgan, Evercore ISI, BofA Securities, Barclays, Jefferies, RBC Capital Markets, BMO Capital Markets, BTIG, Mizuho Securities, Piper Sandler, TD Cowen, and Truist Securities acted as joint bookrunners on the deal.
