- Data-mining firm Palantir climbed as much as 14% in its first day of trading on the New York Stock Exchange.
- Palantir opened at $US10 per share, 38% above its reference price of $US7.25. The subsequent climb marked a 14% increase from the opening price.
- The company began trading under the ticker PLTR after debuting with a direct listing over a traditional IPO.
- Direct listings allow shareholders to sell their stock to new investors without the company issuing new shares.
- Watch Palantir trade live here.
Palantir climbed as much as 14% in its first day of public-market trading following the company’s direct listing.
The data-mining company began trading under the ticker PLTR on the New York Stock Exchange Wednesday afternoon. Shares opened at $US10, which was roughly 38% above the $US7.25 reference price set by the exchange on Tuesday. The subsequent climb marked a 14% increase from the opening price.
The opening trade set a valuation of roughly $US17 billion, lagging the company’s 2015 private market valuation of $US20 billion. The ensuing increase pushed Palantir’s market capitalisation as high as $US18.8 billion.
Palantir is the latest company to enter the public market through a direct listing over a traditional initial public offering. Direct listings allow shareholders to trade stock with new investors without the company selling new shares. While Palantir didn’t raise any capital through the debut, it didn’t dilute its stock’s value by increasing the number of shares outstanding.
More than 475 million shares were made available for Palantir’s first day of trading, according to a Securities and Exchange Commission filing published Tuesday. The company has roughly 1.6 billion shares outstanding.
Palantir traded at $US11.24 per share as of 1:50 p.m. ET Wednesday.
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