ThoughtWorks' parent company files confidentially for US IPO

Bengaluru

SOFTWARE consultancy company ThoughtWorks Inc said on Thursday its parent Turing Holding Corp had confidentially submitted paperwork for an initial public offering (IPO) in the United States. ThoughtWorks, which helps firms digitise their operations, was valued at US$4.6 billion after a US$720 million funding round in January from investors including Singapore's sovereign wealth fund GIC and Germany-based technology company Siemens.

Fidelity Management and Research and Abu Dhabi's Mubadala Investment are also backers of ThoughtWorks, which counts Delta Air Lines Inc as one of its clients.

Companies file for IPOs confidentially to withhold financial information from competitors for a longer period.

Turing's plans for an IPO come as companies make a beeline for public listings to take advantage of sky-high valuations in the stock market and the Federal Reserve's loose monetary policy amid the pandemic.

In less than six months, IPOs in the US have already totalled US$171 billion, eclipsing the 2020 full-year record of US$168 billion, data from Dealogic shows. REUTERS