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SentinelOne Jumps in Debut as Part of $10 Billion IPO Rush

Cybersecurity firm SentinelOne Inc.rose as much as 33% in its trading debut after upsizing its initial public offering to raise $1.2 billion, fueling the year’s biggest week for U.S. listings.

The largest of 12 IPOs is the $4.4 billion listing by Chinese ride-hailing giant Didi Global Inc. Its shares, which rose as much as 29% Wednesday from its offer price, were up 5.7% to $14.80 at 2 p.m., giving it a market value of about $71 billion.

LegalZoom .com Inc., which priced its IPO above a marketed range to raise $535 million, jumped as much as 39% in its trading debut Wednesday. Its shares were up 36% to $38.03 at 2:02 p.m. in New York trading, giving it a market value of about $7.4 billion, which increases to more than $8 billion on a diluted basis.

This week’s total for listings is on track for about $10 billion, according to data compiled by Bloomberg.That will make it the fifth biggest week of the past decade and among the 12 biggest weeks ever, the data show. That excludes special purpose acquisition companies, or SPACs, that have flooded the market with offerings in the past year.

SentinelOne sold 35 million shares for $35 each on Tuesday, after marketing 32 million for $31 to $32, a range that it had elevated from $26 to $29 on Monday. The shares were up 22% to $42.60 at 2:01 p.m., giving the company a market value of almost $11 billion. With stock options counted, the company’s diluted value is closer to $13 billion.

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

Other companies making their debuts Wednesday include:

  • Clear Secure Inc. rose as much as 44% after selling 13.2 million shares for $31 each, above a marketed range of $27 to $30. The company raised $409 million in the listing.
  • Financial and professional software company Intapp Inc. climbed as much as 15%. It sold 10.5 million shares for $26 each after marketing them for $25 to $28 to raise $273 million.
  • Xometry Inc. soared up to 80%. It raised $302.5 million in its IPO, pricing almost 6.9 million shares at $44 each, above the $38 to $42 marketed range.
  • Integral Ad science Holding LLC rose as much as 25%. It sold 15 million shares for $18 each after marketing them for $15 to $17, raising $270 million.

The IPO rush is set to continue later Wednesday with D-MARKET Elektronik Hizmetler ve Ticarat ASpricing 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.

Source: Bloomberg