Cybersecurity company SailPoint is hoping to sell $1 billion worth of stock in its upcoming IPO and offer another signal that IPOs will become hot again.

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."

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.