SentinelOne ups the price for its IPO

Cybersecurity unicorn SentinelOne has increased its IPO share price, just a week after announcing the original price.

The 32 million Class A common stock will be priced between $31 and $32 apiece – last week the price was between $26 and $29. With its new share price, the company could raise up to $1bn in its IPO.

Furthermore, SentinelOne will offer underwriters a 30-day option to buy an additional 4.8 million shares.

SentinelOne will be listed on the New York Stock Exchange under the S ticker symbol.

The RegTech company did not explain the reason behind the increased price.

Morgan Stanley and Goldman Sachs will serve as the lead book-running managers and representatives of the underwriters for the proposed offering.

SentinelOne, which is based in Israel, provides clients with autonomous AI endpoint security. Its services include managed detection and response.

In addition to the shares sold in the public offering, several existing shareholders will purchase a number of shares.

SentinelOne reached a $3bn valuation in October 2020. The company earned its unicorn status earlier in 2020.

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