Staff of Reuters 2 minutes Read this article (Adds details on offering, background) 30 JUNE (Reuters) – SentinelOne Inc’s shares rose more than 31% in its first day on the New York Stock Exchange on Wednesday, giving the cybersecurity startup backed by billionaire investor Daniel Loeb’s Third Point hedge fund a market capitalization of more than $11.7 billion. Its stock opened at $46, more than double its initial public offering (IPO) price of $35. SentinelOne had sold 35 million shares for $1.23 billion in its upsized IPO earlier in the day, valuing the company at around $8.87 billion. It had previously planned to offer 32 million shares at a price of $31 to $32 each. In a private placement, the business sold about 1.43 million shares of its Class A common stock at the IPO price to existing shareholders. SentinelOne protects laptops and mobile phones from security threats by detecting odd behavior in workplace networks using artificial intelligence technologies. As enterprises throughout the world shift to a remote work model, the pandemic has heightened demand for cybersecurity software. SentinelOne goes public amid one of the busiest weeks for U.S. IPOs in 2021, with at least 17 firms set to go public, including Krispy Kreme Inc and Didi Chuxing, the Chinese ride-hailing behemoth. The principal underwriters for SentinelOne’s IPO were Morgan Stanley and Goldman Sachs. Sohini Podder contributed reporting from Bengaluru, while Devika Syamnath and Krishna Chandra Eluri edited the piece./n
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