Shares of cybersecurity company SentinelOne closed up more than 20% in its market debut on the New York Stock Exchange, going public under the ticket symbol “S.” Shares closed at $42.50, giving the company a market capitalisation of more than $10 billio
SentinelOne priced 35 million shares at $35 apiece on Tuesday, above its initial $31 to $32 target range. The company raised $1.2 billion at an implied valuation of $8.9 billion, surpassing CrowdStrike’s $6.7 billion market debut in 2019, and a previous era’s cyber defense IPO big winner, McAfee, to become the highest-valued cybersecurity IPO in history, according to data from CB Insights.
In its IPO prospectus, SentinelOne disclosed 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.
SentinelOne competitors have been among the big IPO winners in recent years, with CrowdStrike – which Weingarten has referred to as its “main competitor” – now valued at over $46 billion. But more of its competitors are also now talking about the threat posed by SentinelOne.
Most recently, the company’s autonomous endpoint security stopped SUNBURST – the malware that tricked systems into uploading it as an update to the SolarWinds’ Orion software, which is used by thousands of organizations. AT&T, JetBlue and McKesson were among the SentinelOne customers protected in the SolarWinds hack.
