(Reuters) -Cybersecurity firm SailPoint said on Tuesday it is now seeking a valuation of up to $12.57 billion in its U.S. initial public offering, marking the year’s first major test of investor appetite for tech stocks.
Initial public offerings in the U.S. are poised for a strong comeback after nearly three years of sluggish activity, with established companies that have proven revenue, earnings power and high-profile backers expected to lead the way.
The Austin, Texas-based company and its parent Thoma Bravo are together selling 50 million shares, priced between $21 and $23 each to raise as much as $1.15 billion .
Sailpoint’s previous proposed range was between $19 and $21 to raise up to $1.05 billion for a target valuation of up to $11.5 billion.
While an IPO’s final pricing is never guaranteed to fall within a company’s targeted range, raising the proposed price band ahead of the deal’s closing is often seen as a sign of strong investor demand.
Morgan Stanley and Goldman Sachs are the lead underwriters for the offering.
SailPoint will list on the Nasdaq under the symbol “SAIL”.
(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
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