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SentinelOne Jumps in Debut on the NYSE

Cybersecurity specialist SentinelOne opened at $46 a share after its IPO, above its offering price of $35 a share.
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SentinelOne  (S)  opened trading at $46 a share after its upsized initial public offering, 31% above the stock's $35 offer price. 

The cybersecurity firm, backed by the investor Daniel Loeb's Third Point hedge fund, sold 35 million shares at $35 each. The underwriters have an option to buy 5.3 million more shares.

SentinelOne raised about $1.23 billion. The deal gave the Mountain View, Calif., company a valuation of about $8.87 billion.

At last check the stock was trading at $42.88, up 22%.

Separate from the IPO, the company privately sold 1.4 million shares to certain current holders at the IPO price.

The company is backed by venture capital firms including Tiger Global, Sequoia Capital and Insight Venture Partners. 

It had planned to sell 32 million shares at $31 to $32 each. A previous estimate had pegged the IPO price at $26 to $29.

The company produces software designed to protect laptops and mobile phones from security breaches using artificial intelligence technology to identify unusual behavior in enterprise networks. 

SentinelOne competes against others in the cybersecurity space, like CrowdStrike  (CRWD) .

The company raised $267 million from Tiger Global and Sequoia at a valuation of more than $3 billion in November. That was about three times its valuation in February 2020. 

It began trading under the ticker symbol S, which was vacated by telecom company Sprint after it merged with T-Mobile  (TMUS)

Morgan Stanley and Goldman Sachs were the lead underwriters for the offering.