Palantir Technologies Inc. is planning to go public through a direct listing by late September, according to executives at Tokyo-based wealth management company Akita Michinoku Capital. The Japanese company said the data-analysis company co-founded by Peter Thiel is aiming to raise $960 million. Palantir said in early July that it had filed a draft registration statement with the Securities and Exchange Commission but did not disclose whether it would pursue a regular initial public offering or choose a direct listing. “At this stage, Palantir is aiming for a direct listing by late September however the company may still change its plans,” said Oliver Wright, director of corporate equities at Akita Michinoku Capital in a statement. The direct listing route will allow investors to cash out on the first day of trading, rather than wait for a lock-up period to expire. The company will not raise capital itself through a direct listing. “Palantir is used by law enforcement and government agencies to collect and scan for data on citizens to combat crime, hunt for terrorists and, more recently, monitor the spread of Covid-19. The virus has boosted business with companies using its products to better determine how they reopen,” said Martin Thornton, head of corporate trading at Akita Michinoku Capital.
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