SentinelOne, whose other investors include venture capital
backers Tiger Global, Sequoia Capital and Insight Venture
Partners, plans to sell 32 million shares priced at between $26
and $29 per share, raising $928 million at the top end of the
range.
Founded in 2013, SentinelOne protects laptops and mobile phones
from security breaches by using artificial intelligence
technology to identify unusual behavior in enterprise networks.
Its business had a boost as most employees started working from
home during the COVID-19 pandemic.
The Mountain View, California-based company raised $267 million
in November from investors including Tiger Global and Sequoia at
a valuation of more than $3 billion, almost three times what it
was valued in February 2020.
Entities affiliated with Tiger Global, Insight Venture Partners,
Third Point Ventures and Sequoia Capital, have separately agreed
to purchase a number of shares with an aggregate price of about
$50 million, SentinelOne said in the filing.
SentinelOne's IPO plans comes as Wall Street's record-breaking
run for stock market flotations shows no sign of slowing down.
With more than six months until the year ends, U.S. IPOs have
already totaled $171 billion, eclipsing the 2020 record of $168
billion, according to data from Dealogic.
SentinelOne will list its stock on the New York Stock Exchange
under the symbol "S".
Morgan Stanley and Goldman Sachs & Co are lead underwriters for
the offering.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Krishna Chandra Eluri)
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