Palantir Technologies Inc. PLTR +46.76% stock opened at $10 in its trading debut on the New York Stock Exchange, dealing the data firm a valuation of roughly $22 billion as it became the latest technology company to try its hand at a direct listing.The data-mining software company became the fourth notable firm to use the direct listing model. Asana Inc. ASAN +33.48% also went public through a direct listing earlier Wednesday, with its stock trading higher in its debut. Only two other major companies— Spotify Technology SA and Slack Technologies Inc. —had ever completed direct listings before Wednesday.
Both Asana and Palantir enlisted Citadel Securities as their designated market maker and Morgan Stanley as their lead financial adviser for their debuts. Doing a direct listing skirts investment-banking underwriters, allowing companies to save millions of dollars in fees. It also means the companies don’t raise money for themselves. Instead, employees and early investors are typically able to cash out stock on the first day of trading as shares simply list on the exchange and advisers match buyers and sellers.
Strong debuts for the two listings are the latest sign of strength in the IPO market as companies are rushing to go public and investors are especially hungry for technology listings. U.S.-listed IPOs have raised more than $98 billion this year through Tuesday, according to data provider Dealogic.
The structure of a direct listing typically allows existing shareholders and employees to sell most or all of their shares immediately rather than wait for the mandated lockup of 180 days in most traditional IPOs. source
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