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Okta competitor SailPoint races toward $11.5B IPO
Cybersecurity company SailPoint is hoping to sell $1 billion worth of stock in its upcoming IPO and offer another signal that IPOs will become hot again.
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. Founder Mark McClain, who stayed on as CEO after Thoma Bravo acquired the company, still has a relatively tiny stake of just over 3.6 million shares. “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,” he remarked in his prospectus letter.
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