June 17 (Reuters) - Software consultancy company
ThoughtWorks Inc said on Thursday its parent Turing Holding Corp
had confidentially submitted paperwork for an initial public
offering in the United States.
ThoughtWorks, which helps firms digitize their operations,
was valued at $4.6 billion after a $720 million funding round in
January from investors including Singapore's sovereign wealth
fund GIC and Germany-based technology company Siemens AG
Fidelity Management and Research and Abu Dhabi's Mubadala
Investment Co 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 U.S. have already
totalled $171 billion, eclipsing the 2020 full-year record of
$168 billion, data from Dealogic shows.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna