SentinelOne Hopes to Raise $1 Billion in IPO After Increasing Price Range

2 years ago 49

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SentinelOne on Monday updated the terms of its initial public offering (IPO), and the endpoint security company is now hoping to raise over $1 billion.

SentinelOne filed for an IPO in early June and in an amendment made to its S-1 registration statement on June 21 the company revealed that it’s offering 32 million shares of its Class A common stock.

The company initially expected its IPO price to range between $26 and $29 per share, but on Monday it announced increasing the price range to between $31 and $32 per share. After this latest update, SentinelOne seeks to raise up to $1.02 billion, and its valuation could reach $8.1 billion.

The cybersecurity firm is also prepared to offer an additional 4.8 million shares of its Class A stock.

It also announced that in addition to the shares sold in the public offering, some of the existing stockholders have agreed to purchase a number of shares with an aggregate price of roughly $50 million.

SentinelOne stock will be listed on the New York Stock Exchange under the symbol “S.”

Founded in 2013, SentinelOne has developed an extended detection and response (XDR) platform that provides endpoint protection, endpoint detection and response (EDR), IoT control, and cloud workload protection capabilities.

The firm achieved “unicorn” status in 2020, after raising $200 million in a Series E funding round. By the end of 2020, its valuation exceeded $3 billion after raising another $267 million in a Series F round. SentonelOne has raised a total of nearly $700 million.

The company claims to have 4,700 customers and reported revenues of $46.5 million and $93.1 million for fiscal 2020 and 2021, respectively. As for losses, it reported a net loss of $76.6 million and $117.6 million for fiscal 2020 and fiscal 2021, respectively.

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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