Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

Sailpoint Technologies Holdings / Equity Bottom-Up

<ul>
<li>SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.</li>
<li>American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.</li>
<li>The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.</li>
</ul>


SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.
American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.
The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.


SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.</li>
<li>There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein &amp; Dragoneer Investment Group). </li>
<li>The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time. </li>
</ul>


The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.
There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein &amp; Dragoneer Investment Group). 
The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time. 


SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Sailpoint Technologies Holdings / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sailpoint-technologies-holdings" target="_blank" data-smartkarma-citation="entities:26693:1" rel="noopener">Sailpoint Technologies Holdings (SAIL US)</a> is forecasted to be excluded from the one global index because of a low free float which is below the minimum threshold.</li>
<li>SAIL is forecasted to be added to the other global index at the September 2025 review. Conviction is medium as its fcap is near the threshold.</li>
<li>The security is forecasted to be added to snp TMI and rasel 1000 in March and June 2025, respectively. It is estimated to have failed fast-entry for TMI.</li>
</ul>



Sailpoint Technologies Holdings (SAIL US) is forecasted to be excluded from the one global index because of a low free float which is below the minimum threshold.
SAIL is forecasted to be added to the other global index at the September 2025 review. Conviction is medium as its fcap is near the threshold.
The security is forecasted to be added to snp TMI and rasel 1000 in March and June 2025, respectively. It is estimated to have failed fast-entry for TMI.


SailPoint (SAIL): Sets Course to US Indices for March and June 2025

<ul>
<li>SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.</li>
<li>The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.</li>
<li>I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.</li>
</ul>


SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.
The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.
I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.


SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

<ul>
<li>SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close </li>
<li>The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. </li>
<li>Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.</li>
</ul>


SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close 
The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. 
Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.


SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

United States

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

Sailpoint Technologies Holdings (SAIL US)

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Sailpoint Technologies Holdings (SAIL US)

SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

SailPoint, Inc., a leading player in enterprise identity security with a balanced growth strategy, reported mixed 4Q FY25 results, pushing shares...

Andrei Zakharov

SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...

IPO Boutique

SailPoint (SAIL): Sets Course to US Indices for March and June 2025

SAIL is forecasted be added to snp TMI in March after failing fast-entry and to rasel 1000 in June. Global index inclusion is likely in September...

Dimitris Ioannidis

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

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52-week Range

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SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

SailPoint, Inc., a leading player in enterprise identity security with a balanced growth strategy, reported mixed 4Q FY25 results, pushing shares...

Andrei Zakharov

SailPoint, Inc. (SAIL) -- Blowout Expected as Investors Pile into First Software IPO of 2025

​Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...

IPO Boutique

SailPoint (SAIL): Sets Course to US Indices for March and June 2025

SAIL is forecasted be added to snp TMI in March after failing fast-entry and to rasel 1000 in June. Global index inclusion is likely in September...

Dimitris Ioannidis

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

SailPoint successfully completed its IPO and raised $1B+. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

SailPoint Inc (SAIL): Upwardly-Revised, Upsized IPO Falls Flat on Day One

​SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...

IPO Boutique

Exciting software IPO set to debut on February 13th with strong returns expected, backed by anchor orders from AllianceBernstein & Dragoneer...

SailPoint's IPO underperforms despite high demand, leading to a downgrade in forecast. IPO Boutique details the final deal message and other...