Daniel Loeb-backed SentinelOne hikes IPO price range, to raise over $1 bln – Reuters

Daniel Loeb-backed SentinelOne hikes IPO price range, to raise over $1 bln – Reuters

June 28 (Reuters) - Cybersecurity firm SentinelOne Inc, backed by billionaire investor Daniel Loeb's hedge fund Third Point, has boosted the price range for its IPO and is now looking to raise about $1.02 billion, a regulatory filing showed on Monday.

Backed by venture capital firms including Tiger Global, Sequoia Capital and Insight Venture Partners, SentinelOne now plans to sell 32 million shares of its Class A common stock priced between $31 and $32 per share.

At the top end of the price range, the company is aiming for a valuation of about $8.11 billion. It had previously expected to price its shares between $26 and $29 apiece.