SentinelOne has started the roadshow for its initial public offering of shares. The endpoint security specialist plans to sell 32 million shares at a price of USD 26-29 per share. The shares will trade on the New York Stock Exchange.
The underwriters have an option to sell another 4.8 million shares if demand is strong. In addition, some of SentinelOne's existing shareholders have agreed to buy USD 50 million worth of new shares at the IPO price in a separate offering. This means at the top of the price range, SentinelOne may raise USD 1.12 billion in total before fees.
At its last series F funding round in November 2020, the company’s valuation exceeded USD 3 billion, and it is expected to achieve more than double that in the IPO. Since it was founded in 2013, SentinelOne has raised a total of USD 695.5 million from investors including Samsung, Qualcomm, Tiger Global Management, Insight Venture Partners, Third Point Ventures, Redpoint Ventures and Data Collective.
SentinelOne has grown quickly in the past year, going from 2,700 to over 4,700 customers as of April, as its software is increasingly in demand for protecting against the growing number of corporate cyber-attacks. Annual revenues doubled, to USD 93 million from USD 46.5 million, while the net loss swelled to USD 118 million from USD 77 million. The proceeds from the IPO will go to working capital, with the listing also expected to increase its visibility and liquidity in the shares.
