Daniel Loeb-Backed SentinelOne Targets US IPO At Over $7B Valuation: Reuters - First Trust US Equity Oppo

Billionaire investor Daniel Loeb's hedge fund, Third Point-backed cybersecurity firm SentinelOne Inc is aiming for a valuation of over $7 billion in its U.S. initial public offering (IPO), Reuters reported.
SentinelOne plans to list its stock on the NYSE under the symbol "S."
SentinelOne's other investors include venture capital backers Tiger Global, Sequoia Capital, and Insight Venture Partners.
The firm plans to sell 32 million shares priced between $26 - $29 per share to raise $928 million at the top end of the range.
Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc (NYSE: GS) are the lead underwriters for the offering.
Founded in 2013, SentinelOne protects laptops and mobile phones from security breaches via artificial intelligence technology to identify unusual behavior in enterprise networks.
The pandemic-induced remote working acted as a boost to the business.
SentinelOne raised $267 million in Nov. from investors including Tiger Global and Sequoia at a valuation of over $3 billion, almost triple its Feb. 2020 valuation.
Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital affiliated entities have separately agreed to purchase shares with an aggregate price of $50 million.
U.S. IPOs have already totaled $171 billion, beating the 2020 record of $168 billion.

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