Cybersecurity firm SentinelOne seeks $7 billion valuation in NY IPO

Cybersecurity firm SentinelOne Inc. has filed a prospectus with the US Securities and Exchange Commission to raise as much as $928 million in an initial public offering of shares on the New York Stock Exchange, aiming for a valuation of over $7 billion.

The company said it plans to sell 32 million shares priced between $26 and $29 a share, according to the filing. In February, Bloomberg said the firm was seeking an IPO at a possible valuation of $10 billion.

Founded in 2013, SentinelOne has developed AI-based software that protects laptops and cellphones from security breaches by identifying unusual behavior in enterprise networks.

The Mountain View, California-based company was founded in 2013 by Israelis Tomer Weingarten, its CEO, and Almog Cohen. The firm has raised some $697 million to date, from investors including US venture capital fund Sequoia Capital, New York-based hedge fund Tiger Global, Insight Partners, Samsung Venture Investment and Qualcomm Ventures, according to the database of Start-Up Nation Central, which tracks the industry.

In November, the firm said it raised $267 million in a series E funding, which gave the firm a valuation of more than $3 billion.

Entities affiliated with Tiger Global, Insight Venture Partners, Third Point Ventures and Sequoia Capital, each existing shareholders, have separately agreed to purchase a number of shares with an aggregate price of some $50 million, at a price per share equal to that of the public offering price, SentinelOne said in the filing on Monday.

The funds will help the company get working capital that will be used for business purposes and the possible acquisition of companies or technologies.