Benzinga | Jun 21, 2021 12:24PM EDT

Daniel Loeb-Backed SentinelOne Targets US IPO At Over $7B Valuation: Reuters

* Billionaire investor Daniel Loeb's hedge fund, Third Point-backed cybersecurity firm SentinelOne Inc is aiming for a valuation of over $7 billion in its U.S. initial public offering (IPO), Reuters reported.

* SentinelOne plans to list its stock on the NYSE under the symbol "S."

* SentinelOne's other investors include venture capital backers Tiger Global, Sequoia Capital, and Insight Venture Partners.

* The firm plans to sell 32 million shares priced between $26 - $29 per share to raise $928 million at the top end of the range.

* Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc (NYSE: GS) are the lead underwriters for the offering.

* Founded in 2013, SentinelOne protects laptops and mobile phones from security breaches via artificial intelligence technology to identify unusual behavior in enterprise networks.

* The pandemic-induced remote working acted as a boost to the business.

* SentinelOne raised $267 million in Nov. from investors including Tiger Global and Sequoia at a valuation of over $3 billion, almost triple its Feb. 2020 valuation.

* Tiger Global, Insight Venture Partners, Third Point Ventures, and Sequoia Capital affiliated entities have separately agreed to purchase shares with an aggregate price of $50 million.

* U.S. IPOs have already totaled $171 billion, beating the 2020 record of $168 billion.