Palantir Technologies, a data analytics platform focused on the government and financial sectors, is expected to begin trading on the NYSE on Tuesday, September 29, 2020, according to an amendment filed with the SEC on Friday. The company originally planned to begin trading on September 23.
The Registered Stockholders plan to sell up to 257 million Class A shares. The Registered Stockholders represent all major existing shareholders, including management.
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, with a volume weighted-average price of $6.45. The company has also raised more than $900 million in new capital this year at $4.65 per share. If the company listed its shares at the $11.50 high end of the range, Palantir would command a basic market value of about $18.8 billion, or a fully diluted market value of $25.9 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.
