Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.</li>
<li>The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.</li>
<li>I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.</li>
</ul>


SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.
The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.
I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.


SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

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In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn</li>
<li>The sponsor will be only selling 2.5mm shares in this offering.</li>
<li>As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. </li>
</ul>


SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn
The sponsor will be only selling 2.5mm shares in this offering.
As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. 


SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year growth.</li><li>Net new subscription ARR stood at $83 million, while subscription revenue increased by 55% year-over-year to $221 million.</li><li>The company also recorded free cash flow of $15.6 million, marking an improvement from $3.5 million in the prior year period.</li></ul>

Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year growth.Net new subscription ARR stood at $83 million, while subscription revenue increased by 55% year-over-year to $221 million.The company also recorded free cash flow of $15.6 million, marking an improvement from $3.5 million in the prior year period.

Rubrik Inc.: Initiation Of Coverage - Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! - Major Drivers

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In 2024, Sacra estimates Cribl hit $200M in ARR, growing 71% year-over-year.</li><li>Founded in 2018 by ex-Splunk employees, Cribl's core product trims unnecessary metadata from customers’ logs before its ingested it into platforms like Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.</li><li>After reaching $200M in ARR in 2024, growing 71% YoY, Cribl is continuing to expand outside observability and data routing, launching its own storage solution in Cribl Lake.</li></ul>

In 2024, Sacra estimates Cribl hit $200M in ARR, growing 71% year-over-year.Founded in 2018 by ex-Splunk employees, Cribl's core product trims unnecessary metadata from customers’ logs before its ingested it into platforms like Splunk, charging ~$500K/yr for 5TB of daily data ingest to save customers $4M/yr in Splunk.After reaching $200M in ARR in 2024, growing 71% YoY, Cribl is continuing to expand outside observability and data routing, launching its own storage solution in Cribl Lake.

<ul><li>Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.</li><li>On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).</li><li>Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.</li></ul>

Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY.On the verge of passing CrowdStrike’s agentless scanner Falcon Horizon (launched October 2020) at $515M ARR (up 80% YoY) in August, Wiz’s sights are next set on Palo Alto Networks' Prisma Cloud (launched 2019) at ~$700M ARR (up 30% YoY).Going on the offensive across the cybersecurity stack, Wiz launched Wiz Code (September 2024) to go after Snyk in application security, Wiz Defend (December 2024) to go after CrowdStrike in threat detection and Wiz Cloud, an expanded agentless platform, to go after Palo Alto Networks in cloud-native application protection.

United States

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

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Rubrik (RBRK US)

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.

IPO Boutique

Rubrik Inc.: Initiation Of Coverage - Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! - Major Drivers

Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year...

Baptista Research

Cribl At $200M ARR

TL;DR: By saving companies 30-90% on their Splunk bills, Cribl’s data router went from $1M to $100M annual recurring revenue (ARR) in 4 years. In...

Sacra

Wiz Passes $500M ARR

TL;DR: Sacra estimates that Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY. After declining a $23B acquisition offer from...

Sacra

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SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

​SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.

IPO Boutique

Rubrik Inc.: Initiation Of Coverage - Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! - Major Drivers

Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year...

Baptista Research

Cribl At $200M ARR

TL;DR: By saving companies 30-90% on their Splunk bills, Cribl’s data router went from $1M to $100M annual recurring revenue (ARR) in 4 years. In...

Sacra

Wiz Passes $500M ARR

TL;DR: Sacra estimates that Wiz hit $500M annual recurring revenue (ARR) in July 2024, up 103% YoY. After declining a $23B acquisition offer from...

Sacra

SailPoint, backed by Thoma Bravo, seeks $11b valuation after going private for $6.9b in 2022, with ARR of $813.2m in 2024.