Palantir reference price for direct listing comes in at $7.25 a share, NYSE says

Tech

Palantir Technologies CEO Alex Karp arrives at the “Tech for Good” Summit in Paris, France May 15, 2019.

Charles Platiau | Reuters

The New York Stock Exchange said on Tuesday that the reference price for Palantir’s direct listing is $7.25 a share.

Based on a fully-diluted share count of 2.17 billion shares outstanding, which includes unvested options and stock, the reference price would indicate a valuation of $15.7 billion, below its private valuation of $20.4 billion in 2015.

Palantir provides software and data analytics services to help government agencies and large companies make sense of vast amounts of information. Co-founders include Peter Thiel, the billionaire Facebook investor and supporter of President Donald Trump’s 2016 presidential campaign, who initially funded Palantir and remains its biggest shareholder. 

The company is pursuing a direct listing instead of a traditional IPO, meaning the company isn’t issuing new shares and is instead allowing existing shareholders to sell stock to new investors. The reference price is typically reflective of recent private market trades does not necessarily point to where the stock will open on Wednesday.

Palantir and Asana, founded by Facebook co-founder Dustin Moskovitz, are both debuting via direct listings on Wednesday, following an approach previously taken by Spotify and Slack.

 In its prospectus, Palantir said that the average per share price on the private markets in August was $7.31 and on Sept. 1, was $9.17.

In a separate filing on Tuesday, Palantir said 475.8 million shares will be available for sale on the first day of trading.

WATCH: Palantir investor talks about the company’s debut

Products You May Like

Articles You May Like

REAL TIME – Corona Virus Statistical Data (Worldwide)
EPA @ 50, and what it says about you and me
Recent Advances in Eliminating or Reducing the Negative Effects of Asbestos
Activist tries to shore up support for CEO attempting to turn around troubled coal company
Google Cloud CEO Thomas Kurian tells employees it isn’t helping with virtual border wall
OSIRIS-REx safely stores asteroid sample

Leave a Reply

Your email address will not be published. Required fields are marked *