IPO prices at $35, opens at $46, closes at $42.50
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, +21.43% 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.