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SailPoint Targets $11.5 Billion Valuation in U.S. IPO

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SailPoint, a cybersecurity firm backed by private equity firm Thoma Bravo, is targeting a valuation of up to $11.5 billion in its upcoming initial public offering (IPO) in the United States. The firm, based in Austin, Texas, is offering 47.5 million shares at a price range of $19 to $21 per share, with an additional 2.5 million shares from its parent, Thoma Bravo, raising a total of up to $1.05 billion. The IPO, expected to be the first major U.S. tech listing of 2025, will gauge investor sentiment following mixed results from previous high-profile IPOs.

SailPoint specializes in identity and access management software, which helps businesses mitigate unwanted user access and protect sensitive data from cyberattacks. The growing demand for cybersecurity, fueled in part by the increasing use of artificial intelligence by malicious actors, has bolstered the firm’s offerings. Its competitors include major tech giants like IBM, Microsoft, Oracle, CyberArk, and Okta. The firm counts clients like truckmaker PACCAR, student loan servicer Nelnet, and British supermarket chain ASDA among its customers.

Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014 and took it public in 2017. After selling its stake in 2018, Thoma Bravo reacquired SailPoint in 2022 for $6.9 billion. Since going private, the company has completed its transition to a software-as-a-service (SaaS) model. The IPO will mark SailPoint’s return to the stock market.

Notable investors such as AllianceBernstein and Dragoneer Investment Group have expressed interest in buying up to 20% of the shares sold in the offering. Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO, which will be listed under the symbol “SAIL” on the Nasdaq. Following the offering, Thoma Bravo will retain an 88.5% stake in SailPoint. The company plans to use the proceeds to repay debt and settle outstanding equity awards.

 

Brookfield-Owned Clarios Withdraws U.S. IPO Plans

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Clarios International, the car battery manufacturer owned by global investment firm Brookfield, has officially withdrawn its plans for an initial public offering (IPO) in the United States. The company, based in Milwaukee, Wisconsin, made the announcement on Monday but did not provide further details regarding the decision.

Clarios had initially filed for a U.S. IPO in 2021, with plans to raise up to $1.85 billion and achieve a valuation of approximately $11 billion. However, the company postponed its offering that same year due to market volatility and macroeconomic challenges, citing the need to reassess market conditions.

The decision to withdraw the IPO comes despite an increase in U.S. IPO activity, driven by a bullish equities market and the anticipation of business-friendly policies under the incoming Trump administration. Despite this, Clarios, which produces batteries used in vehicles globally, including in one-third of all cars on the road, decided against moving forward with its public listing at this time.

Brookfield acquired Clarios in 2019 for $13.2 billion, including debt, as part of a major acquisition from Johnson Controls International.

 

Japan and Tokyo Governments Eye $4.7 Billion Valuation for Tokyo Metro in Upcoming IPO

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Japan’s national and Tokyo governments are targeting a 700 billion yen ($4.7 billion) valuation for Tokyo Metro as they gear up for what could be the nation’s largest initial public offering (IPO) in nearly six years. The listing, expected to take place as early as late October, will see the sale of half of the company, potentially raising 350 billion yen. This IPO is poised to surpass the size of Kokusai Electric’s IPO last year and become the biggest since SoftBank Group listed its wireless unit in 2018.

Currently, the two governments own 100% of Tokyo Metro, with the central government holding a 53.4% stake and the Tokyo government owning the remaining 46.6%. The funds from the IPO will be used by the central government to repay reconstruction bonds issued after the devastating 2011 earthquake and tsunami. As they move forward with the listing, the governments plan to brief brokerages within the week and anticipate approval from the Tokyo Stock Exchange by mid-September.

Tokyo Metro, with a rich history dating back to 1920, operates 195 kilometers (120 miles) of subway lines that serve 6.5 million passengers daily. The company has diversified its business to include real estate and retail, and it reported a significant rise in net profit to 46 billion yen for the financial year ending in March 2024, as Japan’s economy rebounded from the COVID-19 pandemic.

Nomura, Mizuho, and Goldman Sachs have been appointed as the joint global coordinators for the listing, which is set to mark a significant moment in Japan’s financial and infrastructure sectors.