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SailPoint ’s initial public offering on Thursday was a letdown for anyonehoping it would indicate that technical school IPO are hotagain .
The first day ’s trading ended below the $ 23 initial price . The livestock fared a shade well Friday , closing at over $ 24 . But that ’s nothing close to the big bang companies and VCs trust for .
For instance , ServiceTitan , the last tech IPO in December , was wildly successful . Share Mary Leontyne Price belt down from $ 71 to as gamy as $ 105 on daytime 1 , and is still currently trading at around $ 100 .
Back - to - back winner would have served as a signalthat the painfully stuck - closed in IPO windowis opening at last .
Instead , retail investors are exercising discernment , not barbaric ebullience .
“ I ’m hesitating to soak up too many conclusions on the appetite for technical school or software IPOs from it , ” IPO expert Nick Einhorn , VP of research for Renaissance Capital , tell apart TechCrunch . “ While the company has in effect increment , it may not have stood out enough in the cybersecurity landscape painting to be awarded a agio sale multiple . ”
Renaissance Capital is an IPO grocery store enquiry firm that also offers an IPO exchange - traded fund ( ETF ) .
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SailPoint was a chip of an leftover initial public offering because it was n’t a inauguration . It was previously a public company until PE house Thoma Bravo took it individual in 2022 , valuing it at $ 6.9 billion at the time . The secret equity giant is still the majority owner .
This was a leveraged - buyout company as an initial public offering , not a classic speculation - backed startup . VC - backed startups locomote public often have the kind of ontogeny potential that energise investors , as was the guinea pig with ServiceTitan .
On the confirming side for SailPoint , the troupe priced its initial 60 million share at $ 23 , above its previously denote range of $ 19 and $ 21 . SailPoint raked in over $ 1.3 billion , which it will use for trading operations and to pay off about $ 1.5 billion of debt it evidence on its Scripture , according to aregulatory filing . It ’s also at about a $ 13 billion market cap , a boost from what Thoma Bravo paid .
“ In no way did we consider this a unsatisfying IPO . We went from mid - point of $ 20 to a finale of $ 25 on Day 2 . In our mind , it ’s a very successful IPO , ” CEO Mark McClain enjoin TechCrunch .
Still , the result for those search for a sign that IPOs could be flowing again soon ( especially employee of later - stage startups looking at their paper - money origin and stock options ): the signals remain mirky .
