Palantir provides data analysis software and services to help government agencies and large corporations understand large amounts of information. Co-founders include Peter Thiel, the billionaire Facebook investor and supporter of President Donald Trump’s 2016 presidential campaign, who initially funded Palantir and remains its largest shareholder.
The company pursues a direct listing instead of a traditional IPO, which means it does not issue new shares and instead allows existing shareholders to sell shares to new investors. The benchmark price generally reflects recent transactions in the private market and does not necessarily indicate where the stock will open on Wednesday.
Palantir and Asana, founded by Facebook co-founder Dustin Moskovitz, both debut via direct lists on Wednesday, following an approach previously taken by Spotify and Slack.
In its prospectus, Palantir said the average price per share in the private markets in August was $ 7.31 and on September 1 was $ 9.17.
In a separate filing Tuesday, Palantir said 475.8 million shares would be available for sale on the first day of trading.
WATCH: Palantir investor talks about the company’s early days