Palantir, a US-based big data analytics company backed by insurer Sompo Holdings, IT services firm Fujitsu and data analytics technology provider Relx, went public yesterday through a direct listing on the New York Stock Exchange (NYSE).
The company fetched a valuation of $20.6bn and its shares dropped from a $10 opening price to $9.50 by market close, though this remained above the reference price of $7.25 set by the NYSE two days ago. Palantir was worth $20.3bn in 2015.
Founded in 2003, Palantir markets software to analyse vast amounts of data and extract relevant insights, and sends team members on site to work with clients. Its clients include the US government and financial institutions.
The company has failed to make a profit thus far and its combined net loss for 2018 and 2019 was $1.16bn.
Palantir raised approximately $2.7bn in equity before its listing. Sompo Holdings committed $500m in June this year, shortly after a $50m investment from Fujitsu earlier the same month.
Relx led a $35m series B round in 2009 through REV, its subsidiary then known as Reed Elsevier Ventures.
The company’s shareholders also include UBS, Disruptive Technology Advisers, Mithril Capital, Goldcrest Investments, Founders Fund, Tiger Global Management, Khazanah Nasional, 137 Ventures, SP Investments Management, Artis Ventures, Glynn Capital Management, GSV Ventures, Kortschak Investments, Sozo Ventures, Ulu Ventures and In-Q-Tel.
Sompo Holdings held 20.3% of the company’s class A shares ahead of the listing, followed by Disruptive Technology Advisers (9.5%), UBS (5.7%) and 8VC (5.3%). Founders Fund holds no class A shares but 12.9% of the class B shares.
