SailPoint, a cybersecurity company, is planning a significant IPO to sell $1 billion in stock with an expected valuation of $11.5 billion. The offering includes 47.5 million shares priced between $19 and $21. Despite previous financial struggles, including over $395 million in net losses and $1.5 billion in debt, SailPoint seeks to address its financial challenges through the proceeds. Having previously been public until 2022, the company is now gearing up for a second debut, significantly monitored by venture capitalists.
Given the financial sophistication of SailPoint's owners, the stock may very price above that range, and easily bypass that hoped-for cash haul and valuation.
Not many founding CEOs find themselves in a position to introduce their company to the public market for a second time, but I am grateful to be able to do precisely that.
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