The boring beginnings of Sailpoint did not do little to loosen the iPo stuck window, says the expert
The IPO of Sailpoint on Thursday was a disappointment for anyone Hoping that this would indicate that the technological stock exchange is hot Again.
The trading of the first day ended below the initial price of $ 23. The title has managed a little better on Friday, ending at more than $ 24. But it is nothing close to Big Bang companies and hope.
For example, Servicetitan, the latest technology IPO in December, managed to succeed. The share price went from $ 71 to $ 105 on day 1, and is currently negotiated at around $ 100.
Consecutive successes would have served as a signal that the painfully stuck iPo window Finally open.
Instead, retail investors exercise discernment, not a wild enthusiasm.
“I hesitate to draw too much conclusions on the appetite for technological or software stock exchange,” said Techcrunch, expert in the IPO, Vice-President of Research for Renaissance Capital, told Techcrunch. “Although the company has good growth, it may not have stood out enough in the cybersecurity landscape to receive a multiple of premium sales.”
Renaissance Capital is a market study company for the IPO which also offers a fund (ETF) negotiated IPO stock market.
SailPoint was a bit of a strange IPO because it was not a startup. It was previously a public company until the company PE Thoma Bravo was deprived in 2022, enhancing it at $ 6.9 billion at the time. The investment capital giant is still the majority owner.
It was a lever-effect completion company as a stock exchange, not a classic capital party startup. Startups supported by VC which make in public often have the type of growth potential that excites investors, as was the case with Servicetitan.
On the positive side of Sailpoint, the company estimated its 60 million initial shares at $ 23, above its previously announced range of $ 19 and $ 21. SailPoint raised more than $ 1.3 billion, which he will use for operations and to reimburse around 1.5 billion dollars in debts she has shown on her books, according to a regulatory deposit. It is also a market capitalization of around $ 13 billion, a boost compared to what Thoma Bravo has paid.
“We have in no way considered this as a disappointing IPO. We went from $ 20 to a fence of $ 25 on day 2. In our mind, this is a very successful IPO, “CEO McClain told Techcrunch.
However, the result for those looking for a sign that the IPOs could flow again soon (in particular startup employees in late stadium by looking at their stock of paper and their shares): the signals remain troubled.
