Direct appeal

8 Sep 2020 By Richard Beales Follow @richardbeales1

The data-analytics firm is making its big pitch this week. There is plenty to cover, like the rationale for variable-voting shares. Unlike an IPO, at least it’s a public event. Work-management outfit Asana is next. Future candidates for direct listings may raise capital, too.

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Palantir Technologies, which helps law-enforcement institutions and others analyze data, is holding an investor day on Sept. 9 as part of its plan to list its Class A common stock.

The company has filed with the U.S. Securities and Exchange Commission to go public via a direct listing, a process in which shares are listed on an exchange without the underwriting capital-raising exercise that is part of a traditional initial public offering.

The SEC last month approved a proposal by the New York Stock Exchange to allow companies to raise capital through direct listings. Rival exchange operator Nasdaq has filed with regulators for a similar change to its rules.

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