Rumor has it that TPG (TPG.US) is considering an IPO of its cybersecurity company Delinea

The Zhitong Finance App learned that Delinea Inc., a cybersecurity company controlled by TPG Inc. (TPG.US), is considering an initial public offering (IPO), according to people familiar with the matter. According to a company statement, TPG formed Delinea by merging Thycotic and Centrify in 2021 to provide a privileged access management solution for seamless security. The company, led by CEO Art Gilliland, helps businesses protect critical data, devices, code, and cloud infrastructure to help reduce risk, ensure compliance, and simplify security. The company said last week that the company's annual recurring revenue is close to $400 million, which currently accounts for 95 percent of total revenue according to generally accepted accounting principles.

One of the people familiar with the matter said that the San Francisco-based company hired Goldman Sachs and Morgan Stanley as public service investment banks before a possible listing. People familiar with the matter said that related discussions are still ongoing, and details of any release may change. A Delinea spokesperson said the company “cannot currently speculate on future plans.”

IPOs are likely to capitalize on the recovery momentum of the US IPO market. The data shows that up to now, newly listed companies in 2025 have raised $10.5 billion, although in the past few years, there have not been many voices from tech companies in IPO deals. As cloud computing company CoreWeave Inc. (CRWV.US) pitches its IPO to investors, digital payments company Klarna Group Plc (KLAR.US) and ticketing platform StubHub Holdings Inc. (STUB.US) apply for listing. This situation is expected to change in the next few months.

Most of the tech company IPOs over the past few years have paid off to investors as they flocked to companies seen as benefiting from the AI boom. Data shows that since the end of 2021, only 17 tech companies have raised more than $100 million in US IPOs. Not all of these companies are doing well; for example, shares of SailPoint Inc. (SAIL.US) have dropped 11% since raising $1.38 billion in February.