Palantir Technologies, a data analytics platform focused on the government and financial sectors, is expected to begin trading on the NYSE on Wednesday, September 23, 2020, according to an amendment filed with the SEC on Wednesday.
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In its latest filing, the company also disclosed the number of Class A shares to be sold by existing shareholders and updated the sale price history of its stock. The company is holding an Investor Day today, September 9, at 10:00am.
The Registered Stockholders plan to sell up to 244 million Class A shares.
During the third quarter of 2020 (through September 1), roughly 36 million shares were sold in private secondary transactions at prices ranging from $4.17 to $11.50. If the company listed its shares at the $11.50 high end of the range, Palantir would command a fully diluted market value of $25.5 billion.
Unlike other direct listings, 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 Technologies 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. 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.
