The New York Stock Exchange on Tuesday set the benchmark share price of the mass-data-processing firm Palantir at $ 7.25 for its Wall Street entry on Wednesday, valuing the company at $ 15. 8 billion dollars. Palantir enters the stock market via a direct listing, an operation that does not allow it to collect new money but gives the shareholders already present in its capital – the founders, employees and historical investors – the possibility of selling their stakes on the market.
According to its stock documents, the company had a total of 2.173 billion shares on September 1. The benchmark price is not an IPO price, however, the NYSE noted on Tuesday. It just gives an indication. Palantir’s share price “will be determined by the buy and sell orders that will be collected by the NYSE from brokers ”. The market “maker” responsible for ensuring the security’s liquidity will then determine the opening price, after consultation with financial advisers.
The company founded in 2004 will be listed under the symbol PLTR. It is the third large company to choose direct listing, after Slack in 2019 and Spotify in 2018. The Californian company Asana, which offers an IT tool for managing tasks and events, has also chosen this method to go public. Wednesday.