Thoma Bravo-Backed Anaplan Advances Toward Public Market Return with initial public offering Filing Plans

U.S. enterprise software maker Anaplan is preparing to file confidentially for an initial public offering (IPO) in the coming weeks, marking its potential return to public markets, according to Reuters. The filing would come nearly four years after private equity firm Thoma Bravo took the business private in a transaction valued at about $10.4 billion.

confidential filing Signals Strategic Shift for Anaplan and Thoma Bravo.

Anaplan, which provides cloud-based business planning software to companies across industries, is weighing a public listing that could test investor appetite for established enterprise software stocks. The planned IPO filing is being made confidentially, a process that allows companies to begin discussions with regulators before publicly disclosing detailed financial targets. This typically gives firms flexibility to adjust their public debut strategy based on early feedback.

Details such as how much Anaplan aims to raise or the valuation it will seek have not been publicly revealed. Those figures are expected to become clearer only after the confidential filing is submitted and the company proceeds to a full public offering stage.

If completed, the IPO would represent a major milestone in Thoma Bravo’s strategy of building and exiting investments in enterprise software. The private equity firm has significant experience in technology sector exits, with prior public offerings such as the recent float of SailPoint.

The move also reflects broader conditions in the public markets, where investor interest in software companies has fluctuated in recent years. A successful listing could signal improving sentiment toward enterprise technology names and provide a pathway for other private equity–owned software businesses considering similar exits. (Reuters)

Anaplan’s Journey and Initial Public Offering Market Context

Anaplan initially went public in 2018 and traded on U.S. exchanges before the Thoma Bravo acquisition in 2022. During its time as a public company, the firm built a reputation for delivering planning and performance management software that helps large organizations model scenarios, plan budgets, and forecast outcomes across functions such as finance and operations.

Thoma Bravo’s acquisition of Anaplan was part of a wave of technology buyouts in the early 2020s, with private capital targeting enterprise software businesses for operational improvement and long-term growth. Since taking the company private, Thoma Bravo has had discretion over its growth strategy and could now leverage improved market conditions for a public return.

The confidential IPO filing process typically precedes full public disclosure by several weeks or months, during which time companies prepare detailed registration statements and engage with potential investors. The timing of a public offering can be influenced by market volatility and investor demand for specific sectors, such as software and technology services.

Anaplan’s planned confidential IPO filing represents a significant step toward returning to public markets after years of private ownership. The timing and final structure of the offering remain fluid, but the move underscores private equity’s ongoing interest in scaling and exiting enterprise software investments. How Anaplan’s public debut unfolds may also provide insights into current investor sentiment toward established software businesses and the broader IPO landscape.