Cybersecurity firm SailPoint said on Tuesday it is now seeking a valuation of up to $12.57 billion in its U.S. initial public offering, marking the year's first major test of investor appetite for tech stocks.

Austin-based cybersecurity firm SailPoint said it is aiming for a valuation as high as $11.5 billion for its upcoming IPO.

SailPoint Inc., an enterprise security software company owned by Thoma Bravo, and shareholders are seeking to raise as much as $1.05 billion in its initial public offering.

SailPoint said on Tuesday it was targeting a valuation of up to $11.5 billion in its New York flotation, as the cybersecurity firm looks to go public again in the United States after more than two years.

Austin-based cybersecurity company SailPoint will once again become a publicly traded company. As it starts its roadshow for its upcoming initial public offering, the company is seeking to raise about $1 billion by pricing about 50 million shares at $19 to $21 each. It will likely trade on the Nasdaq under the ticker "SAIL."

By Manya Saini (Reuters) -Cybersecurity firm SailPoint said on Tuesday it is now seeking a valuation of up to $12.57 billion in its U.S. initial public offering, signaling strong demand for the year's first major test of investor appetite for tech stocks.