California-based cyber-security firm SentinelOne exceeded its own expectations Wednesday (30 June), rising 21% in its market debut, giving the company a market capitalisation of more than $10bn.
In addition to the 35 million shares of its Class A common stock, a press release issued by the company shows SentinelOne intends to grant underwriters a 30-day option to purchase an additional 4.8 million shares.
Shares pare gains on Thursday
SentinelOne was lower in trading by 5.1% on Thursday, hitting $40.31 at 17.30 BST (GMT+1).
The cyber-security firm lists under the ticker symbol “S.” In addition, Morgan Stanley and Goldman Sachs acted as lead book-running managers and representatives of the underwriters for the proposed offering.
Founded in 2013, SentinelOne’s cyber-security solutions encompass AI-powered prevention, detection, response, cloud workloads and internet of things (IoT) devices in a single, autonomous extended detection and response (XDR) platform.
Although subject to certain regulatory conditions, SentinelOne announced some of its existing stockholders have agreed to purchase shares from the firm’s Class A common stock with an aggregate purchase price of approximately $50m.