Siemens-backed Thoughtworks valued at $6.4 billion in U.S. IPO

(Reuters) -Thoughtworks Holding Inc, a software consultancy company backed by Germany’s Siemens AG, said on Tuesday it priced its initial public offering (IPO) above its target range, valuing the firm at about $6.4 billion.

The company said it sold 16.4 million shares at $21 per share. Other investors, including funds advised by Apax Partners, sold about 20.4 million shares.

Thoughtworks had previously targeted a price range between $18 and $20 per share, aiming for a valuation of about $6.10 billion

The 28-year-old firm has clients such as Canadian wireless carrier Telus Corp, U.S. supermarket chain Kroger Co and payments company PayPal Holdings Inc.

While it had filed the paperwork with regulators under the name Turing Holding Corp, the company will be changing its name to Thoughtworks Holding Inc.

Shares of the firm are expected to begin trading on Nasdaq under the ticker symbol “TWKS” on Wednesday.

Goldman Sachs, J.P. Morgan and Credit Suisse are the lead underwriters.

Reporting by Shubham Kalia in Bengaluru; editing by Uttaresh.V