Cybersecurity company SentinelOne has raised its valuation for its IPO on the New York Stock Exchange. According to a revised prospectus published today, the company will offer shares at a price of $31-32 per share, up from the $26-29 per share price range that it stated previously. This means an increase in the amount to be raised to between $992 million and $1.02 billion, and it could grow to $1.14-1.17 billion if the underwriters exercise their thirty-day option to buy shares at the offering price. The company's valuation will be $7.9-8.3 billion. SentinelOne's last raise on the private market was at the end of 2020 and the beginning of 2021, at a valuation of $3.26 billion.
SentinelOne was founded in 2013 in Israel by CEO Tomer Weingarten and Almog Cohen, who no longer has an active role in the company. The company has its headquarters in Mountain View, California and its development center in Tel Aviv. SentinelOne has developed an AI-based platform to protect end-points including laptops, desktop computers, servers and cloud servers as well as other web-connected devices.
According to IVC, the company has raised $797 million to date in eight financing rounds, the last of which were completed over the past year at a company valuation of $3.26 billion.
The money raised in the IPO will serve SentinelOne as working capital, and general business purposes and possibly acquisitions of companies or technologies. The planned IPO will be supported by a long list of underwriters: Morgan Stanley, Goldman Sachs, Bank of America, Barclays, Wells Fargo, UBS, Jefferies, Deutsche Bank, Piper Sandler, Cowen, BTIG, Needham, Loop Capital, Drexel Hamilton, and R. Seelaus.
Published by Globes, Israel business news - en.globes.co.il - on June 28, 2021
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