SailPoint, the Texas-based identity security firm, has raised $1.38 billion in its New York initial public offering, pricing shares at $23 each, the top of its expected range.
The company and private equity owner Thoma Bravo sold 60 million shares, valuing SailPoint at $12.6 billion ahead of its return to public markets.
SailPoint provides identity and access management software, helping businesses protect sensitive data by ensuring only the right employees can access critical systems.
Its cloud-based platform is used by organisations worldwide to prevent cyber threats and manage digital identities efficiently.
Originally, the company planned to sell 50 million shares at $19 to $21 each, but strong demand led to an increase. Thoma Bravo, which took SailPoint private in 2022 for $6.9 billion, is now selling part of its stake.