TPG (TPG.US) is currently considering taking its cybersecurity company Delinea public through an IPO.

According to sources familiar with the matter, Delinea Inc., a cybersecurity company controlled by TPG Inc. (TPG.US), is considering an initial public offering (IPO). According to a company statement, TPG formed Delinea in 2021 through the merger of Thycotic and Centrify, providing seamless security with privileged access management solutions. The company is led by CEO Art Gilliland, helping businesses protect critical data, devices, code, and cloud infrastructure to reduce risks, ensure compliance, and simplify security. The company announced last week that its annual recurring revenue is close to $4 billion, with recurring revenue currently accounting for 95% of total revenue. One of the sources said that the San Francisco-based company has hired Goldman Sachs Group, Inc. and Morgan Stanley as underwriters for the possible IPO. Discussions are still ongoing, and details of the offering may change. A spokesperson for Delinea stated that the company "cannot speculate on future plans" at this time. The IPO may take advantage of the momentum in the U.S. new stock market. Data shows that as of now, 2025 IPO companies have raised $10.5 billion, despite a lack of tech companies in IPO transactions in recent years. With cloud computing company CoreWeave Inc. (CRWV.US) pitching its IPO to investors, digital payment company Klarna Group Plc (KLAR.US) and ticketing platform StubHub Holdings Inc. (STUB.US) applying for listing, this trend is expected to change in the coming months. Several tech companies' IPOs in recent years have brought returns to investors, as they flock to companies seen to benefit from the AI boom. Data shows that since the end of 2021, only 17 tech companies have raised over $1 billion in funds in U.S. IPOs. Not all of these companies have performed well; for example, since raising $1.38 billion in February, the stock of SailPoint Inc. (SAIL.US) has dropped by 11%.