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Cybersecurity company SentinelOne valued at nearly $ 11 billion in public debut
/cloudfront-us-east-2.images.arcpublishing.com/reuters/QRNLP7NI7BJJVCAPHFXLXTJ5UM.jpg "Cybersecurity company SentinelOne valued at nearly $ 11 billion in public debut")
June 30 (Reuters) – Shares of security software provider SentinelOne Inc (SN) jumped 21.4% when they debuted in the United States on Wednesday, giving the company a market cap of nearly $ 11 billion of dollars.
Its shares opened at $ 46 and ended the day at $ 42.5, above their initial public offering (IPO) of $ 35, indicating investor interest in fast-growing software companies. during a week flooded with IPOs.
SentinelOne sold 35 million shares to raise around $ 1.23 billion during the IPO. He previously planned to sell 32 million shares at a price of between $ 31 and $ 32 per share.
“We are reaching a certain scale in our business and we want to be a trusted and transparent supplier as a public company,” said Tomer Weingarten, Managing Director of SentinelOne, in an interview.
SentinelOne, based in Mountain View, Calif., Protects laptops and cellphones from security breaches by using artificial intelligence technology to identify unusual behavior in corporate networks. It competes with Crowdstrike (CRWD.O) and its customers include JetBlue, Estee Lauder and the US government.
The pandemic has spurred demand for cybersecurity software as organizations around the world transition to a remote working model.
The company plans to expand beyond endpoint protections and create more product lines, including data analytics, as well as pursue acquisitions.
Backed by Tiger Global, Sequoia Capital and billionaire investor Daniel Loeb’s Third Point, SentinelOne was last valued at $ 3 billion in a November funding round.
“They started with mid-sized businesses, then spread to large corporations as well as government. Once they’ve caught the interest of the public sector, that’s the biggest seal of approval for cybersecurity.” , said Yanev Suissa, founder of SineWave Ventures, an early investor. .
Listed on the same day as Chinese rideshare giant Didi Global Inc (DIDI.N), SentinelOne went public during one of the busiest weeks of 2021 for IPOs in the United States. At least 17 companies will enter the market this week.
Morgan Stanley and Goldman Sachs were the main underwriters of the SentinelOne offering.
Reporting by Krystal Hu in New York and Sohini Podder in Bengaluru; Editing by Devika Syamnath, Krishna Chandra Eluri and Sonya Hepinstall
Our standards: Thomson Reuters Trust Principles.
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