Palantir Technologies, a data analytics platform focusing on the government and financial sectors, filed on Tuesday to register its shares with the SEC and complete a direct listing on the NYSE. The company will not raise new capital as the Class A shares listed will be sold by existing shareholders.
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During the first three quarters of 2020 (through August 21), roughly 38 million shares were sold in private transactions at prices ranging from $4.19 to $8.50. If the company listed its shares at the $8.50 high end of the range, Palantir would command a fully diluted market value of $18.2 billion.
The company's executive officers, directors, and certain other shareholders have entered into lock-up agreements, set to expire the third trading day following the release of financial results for the FY20.
Palantir will vie with Asana (SANA.RC), which filed on Monday, for the first major direct listing of 2020. The companies follow Slack Technologies (WORK), the sole major direct listing last year, which closed on Tuesday up 10% from its July 2019 NYSE reference price.
The Denver, CO-based company was founded in 2003 and booked $901 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol PLTR. Palantir Technologies filed confidentially on July 6, 2020. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Morgan Stanley, Credit Suisse, Goldman Sachs, Allen & Company, RBC Capital Markets, Citi, Jefferies, HSBC, SG Americas Securities, CIBC World Markets, Scotia Capital, and MUFG will serve as financial advisors. Neither the pricing terms nor the initial tradable float were disclosed.
