Data analytics company Palantir Technologies Inc said on Monday it has confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) to go public.
Palantir Technologies, the secretive US-based big data firm which helps predict and track events for intelligence agencies and governments, as well as private clients, is raising around $961m in equity funding, with around $550m already sold.
Buzzy companies like Vroom and ZoomInfo have also listed themselves on the stock exchange in recent weeks.More news: CDC to Revise School Reopening Guidelines After Trump Says They’re Impractical: Pence
Palantir Technologies Inc. said it filed confidentially with US regulators for a public stock listing, taking a major step toward a market debut that has been many years in the making.
Nevertheless, Palantir - which has reportedly been valued at $20 billion privately - might receive a warm reception from public investors.
The American big data company Palantir Technologies wants to go public. It did not disclose the proposed timing of the offering, how many shares it would sell, or a price range. The company said it had submitted draft registration papers with the SEC. Furthermore, it allows companies to evade the traditional filing process and keep sensitive information such as financial figures and potential risks out of the hands of competitors, investors, and customers until the date for listing shares gets closer. The strategy has been used by companies such as Spotify, Slack and Uber.More news: Scientists Urge WHO To Update Guidance As Floating Particles Will Infect
The Company specialises in big data and analytics technologies, working with major corporations and government agencies, including the United States government and intelligence community to crunch a substantial amount of information. The website accounts two essential products: Palantir Gotham, a platform to "integrate, manage, secure, and analyze all of your enterprise data, " and Palantir Foundry, which it vaguely describes as "a platform that reimagines how people use data by removing the barriers between back-end data management and front-end data analysis". Its use by police and immigration officials, in particular, has sparked numerous protests. Investors also embraced the IPOs of the vehicle sales start-up Vroom and ZoomInfo, the sales software company.
The department quoted the "unusual and compelling urgency" of the COVID-19 as its reason for awarding the no-bid contracts.
With a new wave of tech IPOs, as the stock market thrives again and some companies being in a place to benefit from changes in consumer behavior, Palantir's IPO move is considered huge and quite beneficial.More news: Coronavirus: Dozens of Jetstar passengers left Sydney airport with no screening