Turing Holding (Thoughtworks), which provides digital consulting and software development services, announced terms for its IPO on Tuesday.
The Chicago, IL-based company plans to raise $700 million by offering 36.8 million shares (55% insider) at a price range of $18 to $20. Existing shareholder Neuberger Berman has indicated on up to $70 million worth of shares in the offering. At the midpoint of the proposed range, Thoughtworks would command a fully diluted market value of $6.4 billion and an enterprise value of $6.6 billion.
Thoughtworks states that it is a leading premium global technology consultancy, providing premium, end-to-end digital strategy, design, and engineering services to help companies navigate their digital transformation journeys. The company has over 300 current clients across a variety of industry verticals and geographies.
Turing Holding (Thoughtworks) was founded in 1993 and booked $901 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol TWKS. Goldman Sachs, J.P. Morgan, Credit Suisse, BofA Securities, Citi, RBC Capital Markets, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.
