Benzinga | Jun 28, 2021 01:52PM EDT

Daniel Loeb-Backed SentinelOne Prices Upsized US IPO At $8.1B Valuation: Reuters

* Billionaire investor Daniel Loeb's hedge fund, Third Point-backed cybersecurity firm SentinelOne Inc (NYSE:S), aims to raise $1.02 billion from the sale of 32 million shares at $31 - $32 per share in an upsized initial public offering, Reuters reported.

* The company is targeting a valuation of $8.11 billion.

* The IPO price previously lied between $26 - $29.

* It aims to list its shares on the NYSE under the symbol "S."

* Tiger Global, Sequoia Capital, and Insight Venture Partners venture capital firms back the firm.

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

* Morgan Stanley and Goldman Sachs are the lead underwriters for the offering.