(Reuters) -SailPoint priced its New York initial public offering at the top-end of its marketed range of $21-$23 on Thursday, raising $1.38 billion for the identity security firm and the selling stockholder.
The Austin, Texas-based company and its parent Thoma Bravo sold 60 million shares at $23 apiece, giving SailPoint a valuation of $12.6 billion ahead of its U.S. stock market listing more than two years after it went private.
SailPoint and Thoma Bravo had initially planned on selling 50 million shares priced between $19 and $21.
A strong reception for SailPoint on its stock market return could hand it a much-needed boost ahead of the March IPO market and set the tone for companies looking to list in the coming months.
For now, the IPO market is headed for a seasonal February lull as companies looking to go public work on finalizing their full-year results.
"We suspect there will be more names beginning in March after the February lull," said Nicholas Smith, senior research analyst at Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.
Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014 and took it public three years later.
SailPoint traded on the New York Stock Exchange from 2017 until 2022, when Thoma Bravo reacquired it in a $6.9 billion deal.
Morgan Stanley and Goldman Sachs were the lead underwriters for the offering.
SailPoint, which tapped 19 Wall Street banks for the IPO, will start trading on the Nasdaq under the symbol "SAIL" on Thursday.
(Reporting by Arasu Kannagi Basil and Pretish M J in Bengaluru; Editing by Sonia Cheema)
