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.
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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.