Author: Jane Edwards|| Date Published: June 15, 2020
Palantir Technologies, a big data analytics company headquartered in Palo Alto, Calif., plans to file an initial public offering in the coming weeks in preparation for a possible debut on the stock market by the fall, Bloomberg reported Friday.
Sources said the company is working with bankers to hold a tender offer to help address issues with its capital structure prior to going public and is coordinating with an IPO readiness consultant.
Palantir’s software platform analyzes large volumes of commercial and personal data to identify patterns and has been used by banks, law enforcement authorities and government agencies such as the Department of Defense and the CIA to fight criminal activities. The company was co-founded by billionaire Peter Thiel in 2003 and its investors include In-Q-Tel, Founders Fund, BlackRock, Morgan Stanley and Tiger Global Management.
Palantir CEO Alex Karp said in a May interview the company could file an IPO within a year. The potential public offering comes as the analytics company expects to record $1B in 2020 revenue.
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