Alexander Carp, CEO of Palanter, is interviewed in 2019.
Photo:
Andrew Herrer / Bloomberg News
Palantier Technologies Inc.
PLTR 51.38%
The stock was trading at 10 dollars at the start of its trading on the New York Stock Exchange, which valued the data company at about 22 22 billion, as it became the latest technology company to try its hand at direct listing.
The stock recently traded at 10. 70.10, which is higher than the average prices of $ 2.1 and અને 1 and 1 1.1 average where the stock changed in private trade in August, August and September, respectively. At its most recent trading level, it is 48% of the stock’s reference price of $ 7.25, a guide set by the NYSE, where money does not change.
On the first day of some direct listings to date, everyone has traded above their reference prices.
The Wall Street Journal reported last week that Palantir’s bankers told investors that the stock could start trading around $ 10.
The data-mining software company became the fourth notable company to do so. Only two- Spotify technology S.A.
And Slack Technologies Inc.
– Never completed a direct listing before Wednesday. Asana Inc.
ASAN 35.33%
It was also revealed by a direct listing early Wednesday with a surge in its share trading initially.
Directly listing skirt investment-banking underwriters, to save companies millions of dollars in fees. It also means that companies do not raise money for themselves. Instead, employees and start-up investors are usually able to cash in on the stock on the first day of trading, as stocks only list on buyers and sellers matching exchanges and notifications.
Both Asana and Palantier hired Citadel Securities as their designated market maker and Morgan Stanley as their chief financial advisor for the start-up.
NYSE President Stacey Cunningham celebrated the first day of the asana trade on Wednesday.
Photo:
Nicole Pereira / NC / Handout / Shutterstock c
Write to Corey Dreibush and Corey.Dreubush at wsj.com @ wsj.com and Maureen Farrell
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