SailPoint, a Texas-based cybersecurity company, is aiming for a valuation of up to $11.5 billion for an initial public offering (IPO).

SailPoint and its private equity parent Thoma Bravo said Tuesday they plan to offer 50 million shares of the company priced between $19 and $21 each, which would raise $1.05 billion at the high end and target a valuation of about $11.5 billion, Reuters reported Tuesday. The company plans to list on the Nasdaq under the ticker "SAIL" in the first major tech IPO of the year.

The planned IPO is a return to the public market for SailPoint, which underwent an IPO in 2017 before Thoma Bravo took the company private in 2022. Thoma Bravo has a complicated history with SailPoint, acquiring it in 2014, taking it public three years later, and then exiting its position in 2018 only to reacquire the company in 2022.

Another Early Gauge for 2025 IPO Market

A SailPoint IPO would be an early gauge of the IPO market in 2025. Last year, in 2024, companies going public in the U.S. earned proceeds of $29.6 billion, according to IPO-focused research firm Renaissance Capital, up from 2023’s $19.4 billion and $7.7 billion in 2022. However, 2024 was still a far cry from the $142.4 in proceeds raised in 2021, when listing candidates rushed to raise money in an era of low interest rates. 

Last week, U.S. pork giant Smithfield Foods (SFD) went public after pricing nearly 26.1 million shares at $20 each along with Chinese owner WH Group. The two had originally offered 34.8 million shares at $23 to $27 apiece. The stock traded at $21.42 Tuesday, off 2% since its listing on Jan. 28.