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SentinelOne IPO Prices Above Expectations, Raises $1.2 Billion

Cybersecurity firm SentinelOne (S) raised $1.2 billion with an initial public offering that priced above the high end of expectations. The SentinelOne IPO trades sometime Wednesday.




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SentinelOne offered 35 million shares at $35 each, above the estimated range of $31 to $32. Originally, the SentinelOne IPO planned to offer 32 million shares in the range of $26 to $29, before increasing the range Monday. The company had also planned to raise an additional $50 million in a concurrent private placement to existing shareholders. These include Tiger Global, Sequoia Capital, Insight Venture Partners and Third Point Ventures.

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The IPO price gave Mountain View, Calif.-based SentinelOne a market valuation near $9 billion. Its competitors include CrowdStrike Holdings (CRWD).

SentinelOne has developed a cloud-based, automated and artificially intelligent platform with more than 4,700 customers as of April 30. That’s up 74% from the year-earlier period.

“We pioneered the world’s first purpose-built AI-powered extended detection and response, or XDR, platform to make cybersecurity defense truly autonomous, from the endpoint and beyond,” the company said in the SentinelOne IPO filing. “Our Singularity Platform instantly defends against cyberattacks — performing at a faster speed, greater scale, and higher accuracy than possible from any single human or even a crowd.”

SentinelOne IPO Listing On NYSE

The SentinelOne IPO plans to list on the New York Stock Exchange under the ticker S. Morgan Stanley, Goldman Sachs and BofA Securities are the lead underwriters

Also scheduled to begin trading Wednesday is Didi Global (DIDI), which operates China’s largest ride-hailing network. It raised $4.4 billion, with a market valuation of more than $67 billion.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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