SentinelOne Exceeds IPO Goal to Raise $1.2 Billion

(Bloomberg) -- Cybersecurity firm SentinelOne Inc., kicking off a banner day for initial public offerings in what is set to be the biggest week of the year, expanded the size of its listing and priced the shares above a marketed range to raise more than $1.2 billion, according to people familiar with the matter.

The Mountain View, California-based company sold 35 million shares for $35 each on Tuesday, said the people, who asked not to be identified because the information wasn’t public yet. The company had marketed 32 million shares for $31 to $32, a range that it had elevated from $26 to $29 on Monday.

A representative for SentinelOne declined to comment.

At $35 a share, SentinelOne has a market value of $8.87 billion based on the outstanding shares listed in its filings. Accounting for stock options, the company would be valued on a diluted basis at more than $10.5 billion.

At least 10 other companies were expected to price IPOs on U.S. exchanges Tuesday, potentially adding about $7 billion in one day to the tally raised so far this year.

The biggest of the group is Chinese ride-hailing giant Didi Global Inc., whose IPO priced at $14 a share, the top of its marketed range, and was expanded to raise $4.4 billion, according to people familiar with the matter and the company’s filings.

A representative for Didi declined to comment. At $14 a share, the IPO is the second largest in the U.S. by a Chinese company, second only to Alibaba Group Holding Ltd.’s $25 billion debut in 2014, according to data compiled by Bloomberg.

$9 Billion Week

Others include LegalZoom.com Inc., which priced its shares above a marketed range, in what is set to be the busiest week for new listings since December, not including the special purpose acquisition companies, or SPACs, that have flooded the market with offerings in the past year.

Excluding SPACs, companies going public on U.S. exchanges this week are seeking to raise as much as $9.12 billion, which would make it the sixth biggest week of the past decade and the 13th biggest ever, according to data compiled by Bloomberg.

The top ranks of companies pricing shares in their IPOs Tuesday include:

• LegalZoom, based in Glendale, California, priced its IPO at $28 a share, raising $535 million, according to a statement. It had marketed about 19 million shares for $24 to $27 each.
• Clear Secure Inc. sold 13.2 million shares for $31 each, above a marketed range of $27 to $30, according to a statement. The company raised $409 million in the listing.
• Financial and professional services software company Intapp Inc. sold 10.5 million shares for $26 each after marketing them for $25 to $28 to raise $273 million.
• Xometry Inc. raised $302.5 million, pricing almost 6.9 million shares at $44 each, above the $38 to $42 marketed range.
• Integral Ad Science Holding LLC sold 15 million shares for $18 each after marketing them for $15 to $17, raising $270 million.

Shares of SentinelOne and the others are set to begin trading Wednesday in New York.

SentinelOne’s offering was led by Morgan Stanley and Goldman Sachs Group Inc. Its shares are expected to trade on the New York Stock Exchange under the symbol S.

Krispy Kreme

While the SPAC frenzy may have subsided, listings of the blank-check companies continue. Three were set to raise a combined $725 million on Tuesday.

On Wednesday, D-MARKET Elektronik Hizmetler ve Ticaret AS is expected to add to the week’s IPO total when it prices its share sale. The Turkish online retailer is seeking to raise more than $737 million.

Also set to price Wednesday is Krispy Kreme Inc.’s offering of up to $640 million. It’s expected to begin trading Thursday under the symbol DNUT.

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