1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 Reuters (Reuters) – SentinelOne Inc, a cybersecurity business backed by billionaire investor Daniel Loeb’s hedge fund Third Point, has raised the price range for its IPO to $1.02 billion, according to a regulatory filing on Monday. SentinelOne, which is backed by Tiger Global, Sequoia Capital, and Insight Venture Partners, is planning to sell 32 million shares of its Class A common stock for $31 to $32 a share. The company is looking for a valuation of $8.11 billion at the top end of the price range. It had earlier forecasted a share price of $26 to $29 per share. SentinelOne, which was founded in 2013, uses artificial intelligence technologies to detect anomalous behavior in workplace networks to safeguard laptops and mobile phones from security intrusions. The company has applied to have its stock listed on the New York Stock Exchange under the symbol “S.” The offering’s main underwriters are Morgan Stanley and Goldman Sachs. Sohini Podder contributed reporting from Bengaluru, while Saumyadeb Chakrabarty and Shounak Dasgupta edited the piece. Continue reading
