Palantir Slips on First Day After Long-Awaited Listing
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Palantir Technologies Inc. fell 5% from its opening trades in its debut as a public company, ending a 17-year tradition of secrecy surrounding the software business co-founded by Peter Thiel.
The data analytics company’s share price fell to $9.50 after opening Wednesday at $10 on the New York Stock Exchange. Palantir listed its shares directly on the exchange, rather than raising capital through an initial public offering. As in the three other major direct listings that have taken place, the exchange had set a reference price -- $7.25 for Palantir -- to help guide investors and to allow shares to begin trading.