SentinelOne, which provides an automated cybersecurity threat detection and response platform, announced terms for its IPO on Monday.
The Mountain View, CA-based company plans to raise $880 million by offering 32 million shares at a price range of $26 to $29. The company plans to raise an additional $50 million in a concurrent private placement to existing shareholders Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital. At the midpoint of the proposed range, SentinelOne would command a fully diluted market value of $8.2 billion.
SentinelOne's Singularity Platform is an AI-powered extended detection and response platform, or XDR, that ingests, correlates and queries petabytes of structured and unstructured data from a range of external and internal sources to provide autonomous cybersecurity defense. The Singularity Platform can be deployed across Window, macOS, Linux, and Kubernetes systems in public, private, and hybrid clouds. The company claims to have successfully protected all of its customers during the recent SolarWinds Sunburst cyber attack. As of April 30, 2021, Sentinel One had over 4,700 customers, up from 2,700 a year prior.
SentinelOne was founded in 2013 and booked $112 million in revenue for the 12 months ended April 30, 2021. It plans to list on the NYSE under the symbol S. Morgan Stanley, Goldman Sachs, BofA Securities, Barclays, Wells Fargo Securities, UBS Investment Bank, Jefferies, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
