Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<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

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

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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

<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

<ul>
<li>SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO. </li>
<li>SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn</li>
<li>As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.</li>
</ul>


SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO. 
SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn
As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.


SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

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 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, 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

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

SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.

IPO Boutique

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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, 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

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

SailPoint, Inc. (SAIL) -- Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)

​SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.

IPO Boutique

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

SailPoint, backed by Thoma Bravo, files for IPO for potential February debut after showing strong year-over-year growth in ARR.