This post was originally published on this site
SentinelOne Inc.’s stock bolted out of the gate Wednesday after the cybersecurity company priced shares of its initial public offering above its previously estimated range.
Shares of SentinelOne
S,
started trading on New York Stock Exchange at 12:24 p.m. Eastern Wednesday, opening at $46, or 31% above their IPO price. The stock soon touched an intraday high of $46.50, and closed up more than 21% at $42.50.
Late Tuesday, Mountain View, Calif.-based SentinelOne priced shares at $35 apiece, when as recently as Monday, the company had estimated a price range of $31 to $32.
With SentinelOne offering 32 million shares, with an additional 4.8 million for underwriters to cover overallotments, it stands to raise up to $1.29 billion. Wednesday’s share activity pushed SentinelOne’s valuation well past $10 billion.
Stockholders who own 5% or more of shares include Insight Venture Partners, Tiger Global, Third Point Ventures, Redpoint Ventures, Data Collective, and Anchorage Capital. Prior to the IPO, SentinelOne had raised $696.5 million in funding rounds, according to Crunchbase.
