( Reuters ) -Thoma Bravo-backed cybersecurity firm SailPoint will start trading on the Nasdaq on Thursday, returning to the U. S. stock market more than two years after it went private.
The Austin, Texas-based company, along with Thoma Bravo, raised$ 1.38 billion in an upsized IPO, selling 60 million shares at$ 23 each. They intended to sell 50 million securities priced between$ 21 and$ 23.
The value of companies like SailPoint has increased as a result of greater data protection laws, a rise in global cyberattacks, and the development of AI-driven security threats.
Three decades after SailPoint was bought by Thoma Bravo, a private equity firm that would repurchase it in 2022 via a$ 6.9 billion deal, it went public in 2017.
A successful debut might spur others in the network to move forward with their listing plans in the coming months, such as chipmaker Cerebras, buy now, pay later tycoon Klarna, and AI software company Genesys.
The U.S. IPO market has experienced a patchy treatment so much. Venture Global’s much-anticipated IPO fell short of expectations, while pork computer Smithfield Foods has regained its poise after a tepid album.
” Having the difference of performance indicates investors are discerning, but that good companies can get done and do well, which is good”, said Nicholas Smith, senior research analyst at Renaissance Capital, a company of pre-IPO analysis and IPO-focused ETFs.
As President Donald Trump’s administration begins to form, buyers are eager to learn more about plan, with Goldman Sachs CEO David Solomon warning that markets may experience some uncertainty as long as doubt persists.
The company allows its clients, which include General Motors and Hershey, to design and manage their own security processes.
The lead underwriters for the offering were Morgan Stanley and Goldman Sachs.
( Reporting was done by Niket Nishant and Arasu Kannagi Basil in Bengaluru, with additional reporting by Pretish M. J., editing by Sonia Cheema and Tasim Zahid )