Cybersecurity firm SailPoint attracted investor attention with its debut in the first quarter of 2025, but it faces concerns about the pace of its growth and its reliance on enterprise customers. Supported by private equity giant Thoma Bravo, the identity security provider is aiming for a valuation of up to $11.5 billion in its New York initial public offering.

The company plans to sell 47.5 million shares, with an additional 2.5 million shares offered by its selling stockholders, bringing the total to around 60 million. Priced at $23 per share, the IPO is close to the expected range, giving the Austin, Texas-based company an estimated valuation of approximately $12.6 billion.

SailPoint’s software protects businesses from hackers by ensuring that only the right people have access to critical systems. Organizations worldwide use SailPoint’s solutions to prevent data breaches, and its cloud-based platform makes it easier for companies to manage digital identities.

SailPoint’s IPO marks a tech unicorn’s latest return to the US market amid a resurgence of public listings in the sector, boosted by investor appetite for cybersecurity stocks and a shortage of private capital. The company has a well-rounded product suite spans privileged access management, cloud infrastructure entitlement management, and machine identity protection. Its subscription-based revenue model and strong customer retention should boost its financial predictability.

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But it will have to fend off worries over the pace of its growth and its hefty spending, as its rivals, including Centrify, ForeScout, and Thwack, are expanding their footprint in the area and investing more resources into research and development. The company is also betting on a strong secular trend for security, which is increasingly seen as a necessity as the world becomes more interconnected and the risk of cyberattacks rises.

According to analysts, a strong reception to SailPoint could also help open the window for the dozens of other pre-IPO tech firms waiting on the sidelines. A successful listing would also be a significant win for private equity owner Thoma Bravo, who took the firm public in 2017 and took it private again in 2022 for $6.9 billion.

The IPO is the second by a technology company this year and the sixth in 2025, with all but two of the previous ten IPOs completing their trading debuts. The week saw two sizable issuances and four microcaps lists, with EPWK Holdings, Awaysis Capital, QMSK Telecommunications, and Venture Global LNG raising the most money.

The IPO market is in good shape, with several high-profile tech issues slated to hit the markets, including Amazon’s second headquarters and several major consumer finance companies. Meanwhile, investors will be monitoring earnings reports from companies that went public last month, including American Tower, T-Mobile US, and Starlink, which are set to report results on Thursday. In addition, the IPO of liquefied natural gas producer Venture Global LNG will be one of the most extensive offerings this year for a natural gas company.