Identity security company SailPoint Technologies Inc. is set to go public for the second time, as the company today announced the launch of a roadshow for its proposed initial public offering of 50 million shares of common stock.

Under the proposed IPO, SailPint will be offering shares for sale at between $19 and $21 each, valuing the company at about $11.5 billion. SailPoint will be offering 47.5 million shares in the IPO and existing stockholders will offer 2.5 million shares, raising $1.05 billion at the high point. The offering is scheduled for Feb. 13 on the Nasdaq under the ticker symbol SAIL.

SailPoint intends to use its net proceeds from this offering to repay a portion of its term loan, settle outstanding equity awards and equity appreciation rights, pay outstanding fees under the advisory services agreement with Thoma Bravo, and for general corporate purposes.

The advisory fee for Thoma Bravo is of interest, as the private equity firm has owned SailPoint since it acquired the company for a second time in 2022 for $6.9 billion. Thoma Bravo had previously acquired SailPoint in 2014 before taking the company public on the New York Stock Exchange in 2017. Acquiring and overhauling companies to increase profitability before then listing them is Thoma Bravo’s bread and butter, but it’s still notable that it has done so with the same company twice in 11 years.

Founded in 2005, SailPoint specializes in identity security solutions that allow organizations to manage and secure access to applications and data through the lens of identity. The company’s platform provides visibility into the entirety of a company’s digital workforce, ensuring that each user has appropriate access to perform their job functions.

SailPoint’s offerings include the Identity Security Cloud and IdentityIQ, services designed to help businesses mitigate unauthorized user access and reduce the risk of sensitive data leaks. The services leverage artificial intelligence and machine learning to automate and streamline the complexity of delivering the proper access to the proper identities at the right time.

The SailPoint IPO will be the first major tech offering this year and, as noted by Investopedia, will be an early gauge of the IPO market for the year ahead. IPOs peaked in 2021 with $142.4 billion raised on public markets before crashing to $7.7 billion in 2022 and recovering slightly with $19.4 billion in 2023. Last year, IPOs in the U.S. raised $29.6 billion.

Photo: SailPoint