- Billionaire investor Daniel Loeb’s hedge fund, Third Point-backed cybersecurity firm SentinelOne Inc is aiming for a valuation of over $7 billion in its U.S. initial public offering (IPO), Reuters reported.
- SentinelOne plans to list its stock on the NYSE under the symbol “S.”
- SentinelOne’s other investors include venture capital backers Tiger Global, Sequoia Capital, and Insight Venture Partners.
- The firm plans to sell 32 million shares priced between $26 – $29 per share to raise $928 million at the top end of the range.
- Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc (NYSE: GS) are the lead underwriters for the offering.
- Founded in 2013, SentinelOne protects laptops and mobile phones from security breaches via artificial intelligence technology to identify unusual behavior in enterprise networks.
- The pandemic-induced remote working acted as a boost to the business.
- SentinelOne raised $267 million in Nov. from investors including Tiger Global and Sequoia at a valuation of over $3 billion, almost triple its Feb. 2020 valuation.
- Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital affiliated entities have separately agreed to purchase shares with an aggregate price of $50 million.
- U.S. IPOs have already totaled $171 billion, beating the 2020 record of $168 billion.
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