Palantir’s NYSE reference price is set at $7.25 ahead of Wednesday direct listing

Palantir Technologies’ reference price is set at $7.25 ahead of its direct listing on Thursday, according to the New York Stock Exchange.

At that price, Palantir would command a fully diluted market value of more than $15 billion, and would be the year’s sixth-largest US listing by market value.

For IPO news alerts and enhanced stories and profiles, sign up for a free trial of Renaissance Capital’s premium platform, IPO Pro.

The Denver, CO-based company plans to list on the NYSE on Wednesday under the symbol PLTR.

The NYSE reference price does not reflect an offering price, or the opening price for Palantir’s shares on Wednesday. Instead, the opening public price will be determined by the designated market maker, using buy and sell orders collected by the NYSE from broker-dealers. All tradable shares will be sold by existing shareholders.

Palantir is the third major direct listing, following Slack (WORK) in June 2019 and Spotify (SPOT) in April 2018.

There is no firm commitment offering, and therefore no underwriters on the deal; instead, the company’s financial advisors included Morgan Stanley, Credit Suisse, Goldman Sachs, Allen & Company, RBC Capital Markets, Citi, Jefferies, HSBC, SG Americas Securities, CIBC World Markets, Scotia Capital, and MUFG.

The article Palantir’s NYSE reference price is set at $7.25 ahead of Wednesday direct listing originally appeared on IPO investment manager Renaissance Capital’s web site

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article