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SentinelOne surges on NYSE as Israeli-founded cybersecurity firm holds IPO

Company raises $1.2 billion on first day of trading, touted as the largest ever by a cybersecurity firm

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

Tomer Weingarten, CEO and co-founder of cybersecurity firm SentinelOne at the New York Stock Exchange; June 30, 2021 (Courtesy)
Tomer Weingarten, CEO and co-founder of cybersecurity firm SentinelOne at the New York Stock Exchange; June 30, 2021 (Courtesy)

The shares of Israeli-founded cybersecurity firm SentinelOne surged on the first day of trading on the New York Stock Exchange after the company raised $1.2 billion, touted as the largest ever initial share offering by a cybersecurity firm.

The IPO price gave the company a market valuation of near $9 billion.

SentinelOne said it sold 35 million shares of its Class A common stock at a price of $35 per share, expanding the size of its offering and pricing the shares above an originally marketed range of $31 and $32 per share.

The shares of the company were trading 22 percent higher on the New York Stock Exchange at 8:07 p.m. Israel time.

In addition, the underwriters of the offering have been granted a 30-day option to purchase up to an additional 5.25 million shares of Class A common stock from SentinelOne at the initial public offering price, the company said in a statement on Wednesday.

The firm 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.

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