CORPORATE FORTUNES

LinkedIn-backed Confluent Confidentially Files For US IPO

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A real-time event streaming platform, Confluent Inc, has confidentially submitted paperwork for a US initial public offering, joining hundreds of other tech startups that are looking to cash in on the current boom in capital markets.

The company, which is backed by Microsoft Corp’s LinkedIn, did not disclose any other details about its listing plans on Thursday.

Mountain View, California-based Confluent, whose other investors include venture capital firms Sequoia Capital and Index Ventures, was valued at US$4.5 billion in April 2020 after its last fundraise, according to PitchBook.

The cloud technology-based company also allows organizations to build applications that react and respond to data flow, its website said.

The US market for new listings saw companies raising a record amount of capital through stock flotations last year and 2021 is poised to eclipse that soon, with companies having raised a total of about US$150 billion through IPOs so far this year, according to data from Dealogic.

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