SentinelOne Raised Over $1B in U.S. IPO
Reuters June 30, 2021See full article
The MountainView, CA-based cybersecurity firm went public on the NYSE, raising about $1.23 billion, giving it a valuation of roughly $8.87 billion.
After planning to sell 32 million shares priced between $31 and $32, the company sold 35 million shares priced at $35 per share. The result was an upsized U.S. initial public offering.
Concurrent to the public offering, SentinelOne also sold about 1.43 million shares of its Class A common stock in a private placement to certain existing shareholders at the IPO price.
SentinelOne uses AI technology to protect mobile phones and laptops. By identifying unusual behavior in enterprise networks it’s able to prevent security breaches.
The IPO comes in the wake of a year of heightened demand for this kind of cybersecurity software. As the Covid-19 pandemic forced organizations around the world to accommodate a work-from-home environment, the need for more cloud technology software boomed. Consequentially, the need for appropriate cloud security measures boomed as well.