June 17 (Reuters) – Software consultancy business ThoughtWorks Inc explained on Thursday its guardian Turing Holding Corp had confidentially submitted paperwork for an original general public providing in the United States.
ThoughtWorks, which can help corporations digitize their functions, was valued at $4.6 billion following a $720 million funding spherical in January from investors like Singapore’s sovereign prosperity fund GIC and Germany-based mostly technology organization Siemens AG (SIEGn.DE).
Fidelity Management and Exploration and Abu Dhabi’s Mubadala Investment decision Co are also backers of ThoughtWorks, which counts Delta Air Traces Inc (DAL.N) as a single of its clients.
Firms file for IPOs confidentially to withhold monetary info from rivals for a more time time period.
Turing’s ideas for an IPO arrive as firms make a beeline for public listings to consider edge of sky-large valuations in the stock marketplace and the Federal Reserve’s free monetary plan amid the pandemic.
In fewer than six months, IPOs in the U.S. have presently totalled $171 billion, eclipsing the 2020 full-12 months record of $168 billion, facts from Dealogic shows.
Reporting by Niket Nishant in Bengaluru Editing by Krishna Chandra Eluri
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