In a statement ThoughtWorks Inc, a software consultancy company said, its parent Turing Holding Corp had confidentially submitted paperwork for an initial public offering in the US.
In January, ThoughtWorks, which helps firms digitize their operations, was valued at $4.6 billion following a $720 million funding round which saw many investors including Singapore’s sovereign wealth fund GIC and Germany-based technology company Siemens AG.
Its other backers include Abu Dhabi’s Mubadala Investment Co and Fidelity Management and Research.
Incidentally, companies file for IPOs confidentially to withhold financial information from competitors for a longer period.
Turing’s plans for the IPO comes at a time when the Federal Reserve is following a loose monetary policy midst the coronavirus-induced COVID-19 pandemic and with companies making a beeline for public listings to take advantage of sky-high valuations in the stock market.