Tonight returns to the US stock market. The IPO pricing of the cybersecurity company SailPoint (SAIL.US) is set at $23.

Prominent U.S. cybersecurity company SailPoint on Thursday priced its initial public offering (IPO) in the U.S. stock market at the upper limit of the market range, $23 per share, meaning that this IPO will raise approximately $1.38 billion for the identity security authentication-focused cybersecurity company and selling shareholders. The Texas-based technology company and its parent company Thoma Bravo are set to sell approximately 60 million shares at a price of $23 per share, valuing SailPoint at $12.6 billion after more than two years of going private before relisting on the U.S. stock market. SailPoint and Thoma Bravo had originally planned to sell 50 million shares of stock at a price of $19 to $21 per share. It is understood that SailPoint had previously gone public in the stock market, igniting a strong bullish wave among Wall Street and retail investors. As early as 2017, SailPoint went public on the New York Stock Exchange with the ticker symbol "SAIL". However, in 2022, private equity firm Thoma Bravo acquired SailPoint for $6.12 billion and took it private, leading to its delisting from the public market. In early 2025, the privately held SailPoint submitted its prospectus to return to the U.S. stock market, planning to list on the NASDAQ with the ticker symbol "SAIL". The level of funding interest that SailPoint is receiving as it returns to the U.S. stock market could provide a much-needed boost to its cash flow before the crowded IPO market in March and set an optimistic tone for companies seeking to go public in the coming months. Currently, the U.S. IPO market is facing its usual seasonal slowdown in February as companies work to complete their full-year performance before a wave of IPOs typically emerges in March. "We expect more companies to choose to go public after the seasonal slowdown in February, with March likely to see more IPOs," said senior research analyst Nicholas Smith from Renaissance Capital. Thoma Bravo manages around $166 billion in assets and first invested in and acquired SailPoint in 2014, pushing it to go public three years later. SailPoint traded on the New York Stock Exchange from 2017 to 2022 before Thoma Bravo approximately bought it for $6.9 billion and took the company private again. Morgan Stanley and Goldman Sachs Group, Inc. are the main underwriters for SailPoint's return to the U.S. stock market. In addition to Morgan Stanley and Goldman Sachs Group, Inc., SailPoint has selected 19 Wall Street banks to participate in this major IPO, which will start trading on the NASDAQ market on Thursday with the ticker symbol "SAIL". SailPoint is an enterprise identity security company founded in 2005 and based in Austin, Texas. The company specializes in providing identity governance and management solutions to help enterprises control user access to applications and data, reducing the risk of sensitive information leakage. Its main products include the cloud-based Identity Security Cloud solution, customer-hosted IdentityIQ solution, and the unified platform Atlas. SailPoint competes to some extent with cybersecurity companies such as Palo Alto Networks Inc (PANW.US) and CrowdStrike (CRWD.US) in the cybersecurity field, but it focuses on identity governance security and management systems, while Palo Alto Networks primarily provides network security protection solutions and CrowdStrike focuses on endpoint protection. Therefore, while SailPoint's business area inevitably overlaps with these companies, the emphasis is quite different. With the surge of AI globally, "AI + cybersecurity services" has become a key focus for SailPoint. With the support of new generation AI technology, cybersecurity services combine the unparalleled convenience brought by low technical thresholds and the exponential efficiency improvement in cybersecurity services brought by AI technology, which is highly attractive for enterprises implementing AI software applications. Whether it is early-stage development of AI application software or later deployment of programs and efficient operation of AI workloads, both rely on the support of AI large models and enterprise-grade big data, and focusing on low technical operation thresholds and efficient "AI + cybersecurity services" will undoubtedly provide stronger cybersecurity services for these two core technologies. As the world becomes increasingly reliant on technology and the internet, cybersecurity is becoming more important. SailPoint's focus on identity security solutions positions the company well in this growing industry.