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Daniel Loeb-backed SentinelOne hikes IPO price range, to raise over US$1 billion

REUTERS: Cybersecurity firm SentinelOne Inc, backed by billionaire investor Daniel Loeb's hedge fund Third Point, has boosted the price range for its IPO and is now looking to raise about US$1.02 billion, a regulatory filing showed on Monday.

Backed by venture capital firms including Tiger Global, Sequoia Capital and Insight Venture Partners, SentinelOne now plans to sell 32 million shares of its Class A common stock priced between US$31 and US$32 per share.

At the top end of the price range, the company is aiming for a valuation of about US$8.11 billion. It had previously expected to price its shares between US$26 and US$29 apiece.

Founded in 2013, SentinelOne protects laptops and mobile phones from security breaches by using artificial intelligence technology to identify unusual behavior in enterprise networks.

The company has applied to list its shares on the New York Stock Exchange under the trade symbol "S".

Morgan Stanley and Goldman Sachs are the lead underwriters for the offering.

(Reporting by Sohini Podder in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)

Source: Reuters

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