Staff of Reuters 2 minutes Reuters (Reuters) – SentinelOne Inc, a cybersecurity startup backed by billionaire investor Daniel Loeb’s hedge fund Third Point, raised $1.23 billion in an upsized initial public offering on Wednesday, valuing it at $8.87 billion. The corporation issued 35 million shares at a price of $35 each. It had previously planned to offer 32 million shares at a price of $31 to $32 each. SentinelOne said it offered about 1.43 million shares of its Class A common stock in a private placement to certain existing shareholders at the IPO price concurrently with the public offering. Due to the COVID-19 epidemic, demand for cybersecurity software has increased since last year, as enterprises throughout the world have migrated to a work-from-home environment, necessitating the development of more cloud technology software as well as adequate security measures. SentinelOne protects laptops and mobile phones from security threats by detecting odd behavior in workplace networks using artificial intelligence technologies. In November, the Mountain View, California-based startup raised $267 million from venture capital firms Tiger Global and Sequoia Capital at a valuation of more than $3 billion, over three times its February 2017 estimate. The offering’s principal underwriters were Morgan Stanley and Goldman Sachs. Sohini Podder contributed reporting from Bengaluru, and Shinjini Ganguli edited the piece. Continue reading
