Israeli cybersecurity company SentinelOne has completed its IPO on the New York Stock Exchange (NYSE), raising $1.2 billion at a company valuation of $8.9 billion.
The company sold 35 million Class A shares at $35 per share, having announced on Monday that it would sell 32 million shares priced between $31 and $32 per share. If the underwriters exercise their options to buy 5,250,000 class-A shares at the IPO price within 30 days then SentinelOne's valuation could climb to $11.5 billion. The company will begin trading on Wall street today with the S ticker.
In addition to the shares sold in the public offering, SentinelOne announced the concurrent sale of 1,428,568 shares of its Class A common stock to certain of its existing stockholders, at a price per share equal to the initial public offering price, in a private placement.
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 IPO was 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 30, 2021
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