Feb 13 (Reuters) - SailPoint was valued at

$12.8 billion after its shares debuted in line with their offer

price on Thursday, marking a tepid return to the stock market

for the Thoma Bravo-backed identity security company.

The Austin, Texas-based company's stock opened at $23 per

share, adding to a string of subdued debuts this year amid

heightened investor scrutiny over valuations.

The IPO market's recovery has been uneven so far in 2025,

with traders weighing the push for deregulation against policy

uncertainty and a likely delay in rate cuts.

Shares of defense and space firm Karman Holdings ( KRMN ),

which also started trading on Thursday, soared 36%. But Venture

Global's ( VG ) much-anticipated IPO fell short of expectations

last month.

SailPoint first went public in 2017, three years after being

acquired by Thoma Bravo, which bought it again in 2022 via a

$6.9 billion deal.

The company lets customers, including Detroit automaker

General Motors ( GM ) and chocolate maker Hershey,

establish and control their security processes.

Stricter data privacy regulations, a surge in global

cyberattacks and the rise of artificial intelligence-driven

cybersecurity threats have boosted the demand for services

offered by companies such as SailPoint.

"SailPoint appears well placed to capitalize on concerns

about the increase in cyber threats," said Susannah Streeter,

head of money and markets at Hargreaves Lansdown.

The company, along with Thoma Bravo, raised $1.38 billion in

an upsized IPO.

IPO HOPES

Data released earlier this week showed U.S. consumer prices

rising at their fastest pace in nearly 1-1/2 years -

potentially delaying rate cuts and adding to investors' worries.

Should inflation remain elevated, the U.S. Federal Reserve

may have to raise interest rates instead, said Ross Carmel,

partner at securities law firm Sichenzia Ross Ference Carmel.

Yet, IPOs may get a boost from venture backers eager to

list.

"The market's been dying to move forward," said Parkway

Venture Capital's co-founder and general partner Jesse

Coors-Blankenship.