Cybersecurity company SentinelOne almost achieved a $11bn market cap in its public debut on the US stock market on Wednesday, tripling the $3bn valuation from November. The 2020 valuation had followed from the close of a $267m funding round, according to GlobalData.
Sentinel One’s initial public offering (IPO) saw its shares jump by 21.4% and be sold under the ticker “S”. The starting price for the SentinelOne IPO had been $35 for the 35 million shares sold on the debut. However, the price skyrocketed to $46 on the day and closed on $42.5, Reuters reported.
The cybertech firm uses artificial intelligence to protect laptops and smartphones from being breached by bad actors.
What has been hailed as “the largest cybersecurity IPO of all time” by Forbes is a story eight years in the making. CEO Tomer Weingarten, CTO Almog Cohen and Ehud Shamir founded SentinelOne in 2013.
Since then the Israeli startup, which is headquartered just 2.7 miles away from Alphabet’s Googleplex in Mountain View, has grown into an international powerhouse that lists car maker Aston Martin among its clients.
SentinelOne counts Tiger Global, Sequoia Capital, Insight Partners, Vista Equity Partners’ Vista Public Strategies, Third Point Ventures and Qualcomm Ventures among its investors
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Despite its history, it was only in February 2020 that SentinelOne broke the unicorn barrier by securing a valuation above the $1bn mark after a $200m Series E cash injection.
Morgan Stanley and Goldman Sachs were the lead underwriters of the SentinelOne IPO.
The SentinelOne IPO comes two years after its main competitor, CrowdStrike, went public. On its June 2019 debut, CrowdStrike’s shares surged 70.6%, giving it a $11.4bn market cap. Two years later, it is worth $56.74bn.
The news comes after the Covid-19 pandemic drove companies to increase their cybersecurity spending. The global security industry will be worth nearly $238bn by 2030, according to recent thematic research by GlobalData.