Cybersecurity firm SentinelOne’s shares closed at more than 20% during its market debut on Wednesday at the New York Stock Exchange.
The company, which is trading under the ticker symbol “S”, closed its stocks at $42.50, bringing its market capitalisation to over $10 billion.
SentinelOne has priced its 35 million shares at $35 apiece prior to its debut on Wednesday, well above its initial target of $31-$32 per share. The company has since raised $1.2 billion with an implicit valuation of $8.9 billion.
In its IPO filing, SentinelOne declared revenue growth of 108% year over year to $37.4 million, while net losses more than doubled from $26.6 million to $62.6 million.
Prior to Wednesday’s opening the company’s CEO Tomer Weingarten told members of the media that the massive uptick in digital transformation and increasing adoption of cloud technologies “creates a big opportunity for us to expand all these different footprints in the enterprise.”
SentinelOne’s cybersecurity solutions encompass AI-powered prevention, detection, response, and hunting across endpoints, containers, cloud workloads, and IoT devices in a single autonomous XDR platform.
In addition to the shares sold in the public offering, SentinelOne announced the concurrent sale of 1,428,568 shares of its Class A common stock to certain of its existing stockholders, at a price per share equal to the initial public offering price, in a private placement. The sale of these shares will not be registered under the Securities Act of 1933, as amended.
Listed on the same day as Chinese ride-hailing giant Didi Global, SentinelOne went public in one of the busiest weeks of 2021 for US IPOs.
