Thoughtworks, a software consultancy company backed by Germany’s Siemens AG, filed paperwork for a U.S. initial public offering (IPO) on Friday to cash in on the country’s red-hot capital markets.
The 28-year-old firm provides services to companies such as Canadian wireless carrier TELUS Corp, U.S. supermarket chain Kroger Co and payments company PayPal Holdings Inc .
It did not reveal the number of shares it plans to sell or its target price range in its regulatory filing. It intends to list on the Nasdaq under the symbol “TWKS.”
Thoughtworks, whose other investors include Singapore sovereign wealth fund GIC and Abu Dhabi sovereign wealth fund Mubadala Investment Co, posted a net income of $36.7 million for the six months ended June 2021 on revenue of $498.09 million.
It has filed paperwork under the name Turing Holding Corp but plans to change its name to Thoughtworks Holding Inc before the completion of the IPO.
Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.