Intriguing IPOs: SailPoint (SAIL) and Northpointe Bancshares (NPB)

We may see a few IPO gems in 2025. One candidate went public this week.

The Banker’s Private Room, Negotiating a Loan, John Callcott Horsley, 1870, oil on canvas (Royal Holloway, University of London)

Someone clever can make a good joke about the IPO market and relate it to Forrest Gump’s “Life’s like a box of chocolates” line. Every attempt I have jotted down so far has made me cringe (and that’s saying something).

Two companies going public recently stood out. One is Sailpoint (NASDAQ: SAIL), a security software company that’s receiving a bit of attention because of its size ($1 billion raised at a $14 billion market cap) and its private equity backer (Thoma Bravo). The other, Northpointe Bancshares (NYSE: NPB), came to market with little fanfare and a $480 million market cap.

Those who have followed this newsletter for more than five minutes already know which one I find more compelling.

Let’s dig in.

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