BENGALURU • Software consultancy company ThoughtWorks said on Thursday that its parent Turing Holding has 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 (S$6.2 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 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 US Federal Reserve's loose monetary policy amid the coronavirus 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