Cybersecurity company SailPoint is making waves with plans to go public once again. This time, the firm is eyeing a whopping $1 billion from stock sales and an eye-popping $11.5 billion valuation.

The company, known for its identity management tools for businesses, is a direct rival to Okta, which boasts a $16 billion market cap. SailPoint’s IPO announcement includes 47.5 million shares priced between $19 and $21. Thoma Bravo, its private equity owner, is also selling 2.5 million shares.

This isn’t SailPoint’s first rodeo in the public market. The company was previously listed until Thoma Bravo took it private in 2022 for $6.9 billion. Even after the IPO, Thoma Bravo will retain over 87% ownership.

Financially, SailPoint is a mixed bag. The firm reported $700 million in revenue as of January 2024 but also logged a net loss of $395 million. With $1.5 billion in debt, the company plans to use the IPO proceeds to tackle its financial obligations and support ongoing operations.

Founder and CEO Mark McClain, who stayed on after the acquisition, still holds a modest 3.6 million shares. In a letter, McClain expressed gratitude for the rare opportunity to lead his company to the public markets for a second time.

While SailPoint’s IPO won’t benefit venture capitalists, its success could signal a broader reopening of the IPO window for tech startups. If retail investors show strong interest, 2025 might just be the year for tech companies to go public in droves.

However, external factors like trade policy uncertainties could still dampen the enthusiasm for future offerings. For now, all eyes are on SailPoint as it races toward its big moment.