(Reuters) -Thoma Bravo-owned cybersecurity company SailPoint on Friday revealed a narrower nine-month loss in its paperwork for a U.S. initial public offering, helped by a rise in subscription revenue.
Cybersecurity companies are seeing strong demand as businesses try to equip themselves against growing online threats and digital fraud. AT&T and UnitedHealth Group were among the firms targeted by hacking attempts last year.
SailPoint specializes in software related to identity and access management that helps businesses mitigate unwanted user access and reduce the risk of sensitive data leakage.
It did not reveal the terms for its offering.
Upbeat equity markets, falling interest rates and hopes of a friendlier market environment for deals under the incoming Trump administration have rejuvenated the U.S. IPO market.
Microsoft-backed cybersecurity firm Rubrik received a strong reception from investors when it went public in April 2024.
Private equity firm Thoma Bravo bought SailPoint for $6.12 billion in 2022, taking it off public markets roughly five years after the company listed in the U.S.
The Austin, Texas-based firm's Friday filing revealed a loss from operations of $158.5 million for the nine months ended Oct. 31, compared with a loss of $267.5 million in the year-ago period.
Proceeds from the offering will be used to pay down debt and increase capitalization, the company said.
SailPoint will list its shares on the Nasdaq Global market under the ticker symbol "SAIL".
Morgan Stanley and Goldman Sachs are underwriters to the IPO.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber and Devika Syamnath)