US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Sailpoint Technologies Holdings / Index Rebalance

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sailpoint-technologies-holdings" target="_blank" data-smartkarma-citation="entities:26693:1" rel="noopener">Sailpoint Technologies Holdings (SAIL US)</a> is forecasted to be excluded from the one global index because of a low free float which is below the minimum threshold.</li>
<li>SAIL is forecasted to be added to the other global index at the September 2025 review. Conviction is medium as its fcap is near the threshold.</li>
<li>The security is forecasted to be added to snp TMI and rasel 1000 in March and June 2025, respectively. It is estimated to have failed fast-entry for TMI.</li>
</ul>



Sailpoint Technologies Holdings (SAIL US) is forecasted to be excluded from the one global index because of a low free float which is below the minimum threshold.
SAIL is forecasted to be added to the other global index at the September 2025 review. Conviction is medium as its fcap is near the threshold.
The security is forecasted to be added to snp TMI and rasel 1000 in March and June 2025, respectively. It is estimated to have failed fast-entry for TMI.


SailPoint (SAIL): Sets Course to US Indices for March and June 2025

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

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.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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

Equity Capital Markets

<ul>
<li>The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. </li>
<li>The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.</li>
<li>Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.</li>
</ul>


The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. 
The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.


Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Sailpoint Technologies Holdings / Equity Capital Markets

<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

<ul>
<li>SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close </li>
<li>The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. </li>
<li>Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.</li>
</ul>


SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close 
The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. 
Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.


SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.</li>
<li>Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. </li>
<li>The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.</li>
</ul>


The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. 
The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.


SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

United States

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

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Sailpoint Technologies Holdings (SAIL US)

SailPoint (SAIL): Sets Course to US Indices for March and June 2025

SAIL is forecasted be added to snp TMI in March after failing fast-entry and to rasel 1000 in June. Global index inclusion is likely in September...

Dimitris Ioannidis

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

IPO Boutique

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): Upwardly-Revised, Upsized IPO Falls Flat on Day One

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

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SailPoint (SAIL): Sets Course to US Indices for March and June 2025

SAIL is forecasted be added to snp TMI in March after failing fast-entry and to rasel 1000 in June. Global index inclusion is likely in September...

Dimitris Ioannidis

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

​Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

IPO Boutique

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): Upwardly-Revised, Upsized IPO Falls Flat on Day One

​SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

​Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Trive Capital-backed company IPO prices above range, opens at 36.3% gain, oversubscribed with top investors receiving majority of allocations....

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...