SentinelOne Inc.’s stock exploded when the cybersecurity firm priced its initial public offering over its previously expected range on Wednesday. SentinelOne S, +24.14 percent began trading on the New York Stock Exchange at 12:24 p.m. Eastern on Wednesday, with shares beginning at $46, or 31% above their IPO price. The stock soared to an intraday high of $46.50, 25 percent more than its IPO price of $43.90.
SentinelOne, situated in Mountain View, Calif., priced its stock at $35 per share late Tuesday, after estimating a price range of $31 to $32 on Monday. SentinelOne expects to raise up to $1.29 billion by issuing 32 million shares, plus an extra 4.8 million for underwriters to cover overallotments. SentinelOne’s market capitalization surpassed $10 billion on Wednesday as a result of the stock’s strong performance. Insight Venture Partners, Tiger Global, Third Point Ventures, Redpoint Ventures, Data Collective, and Anchorage Capital are among the stockholders who control 5% or more of the company’s stock. According to Crunchbase, SentinelOne had raised $696.5 million in fundraising rounds prior to the IPO./n
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