Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>Austin-Based SailPoint, a Thoma Bravo-backed identity management software company, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $19.00 and $21.00, implying a market cap of ~$11B at the midpoint, up ~61% vs. take-private transaction valuation of ~$6.9B in 2022.</li>
<li>I see modest post-listing upside for SailPoint stock, and the company plans to use only ~$690M to repay a portion of its $1.5B+ debt.</li>
</ul>


Austin-Based SailPoint, a Thoma Bravo-backed identity management software company, has announced the initial price range for its US IPO.
The offering is expected to be between $19.00 and $21.00, implying a market cap of ~$11B at the midpoint, up ~61% vs. take-private transaction valuation of ~$6.9B in 2022.
I see modest post-listing upside for SailPoint stock, and the company plans to use only ~$690M to repay a portion of its $1.5B+ debt.


SailPoint IPO Valuation Update: Modest Upside, Only ~$690M Will Be Used To Repay a Portion Of Debt

<ul>
<li>SailPoint, a founder-led provider of identity security for the modern enterprise, aims to raise up to $1B to pay off debt.</li>
<li>The company ended last quarter at $813M of implied ARR and I see a clear path to $1B+ ARR in FY26 ended Jan 30, 2026.</li>
<li>I believe SailPoint may consider IPO at valuation above take-private transaction of ~$6.9B in 2022. The company is expected to go public in February.</li>
</ul>


SailPoint, a founder-led provider of identity security for the modern enterprise, aims to raise up to $1B to pay off debt.
The company ended last quarter at $813M of implied ARR and I see a clear path to $1B+ ARR in FY26 ended Jan 30, 2026.
I believe SailPoint may consider IPO at valuation above take-private transaction of ~$6.9B in 2022. The company is expected to go public in February.


SailPoint IPO Valuation Analysis: Paying Debt With IPO Proceeds and $1B+ ARR in FY26

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

White Brook Capital’s Thoughts and Views, White Brook Capital

White Brook Capital

White Brook Capital’s Thoughts and Views

White Brook Capital LLC is a socially responsible, investment advisory firm founded in 2016, based in Chicago. The Company invests separately managed accounts and manages the White Brook Capital Partners fund for qualified investors

Equity Bottom-Up

<ul><li>2024 was a forgettable year for White Brook Capital’s middle capitalization focused fund.</li><li>Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025 guidance.</li><li>We’ve had a good first 3 weeks of 2025 and are looking forward to a much better year.</li></ul>

2024 was a forgettable year for White Brook Capital’s middle capitalization focused fund.Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025 guidance.We’ve had a good first 3 weeks of 2025 and are looking forward to a much better year.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. </li>
<li>The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.</li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.</li>
</ul>



Trend Micro Inc (4704 JP) shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. 
The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.


Trend Micro (4704 JP): Evaluating the Privatisation Rumours

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

SailPoint IPO Valuation Update: Modest Upside, Only ~$690M Will Be Used To Repay a Portion Of Debt

SailPoint sets terms for upcoming $1B IPO in the United States. The identity management software company will go public next week. I see modest...

Andrei Zakharov

SailPoint IPO Valuation Analysis: Paying Debt With IPO Proceeds and $1B+ ARR in FY26

SailPoint is expected to IPO in February. In my insight, I discuss valuation comps, IPO valuation and outline key risks for IPO investors.

Andrei Zakharov

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

WBC Partners Position Overview

Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025...

White Brook Capital

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

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