2 Minutes by Reuters Staff Reuters (Reuters) – Amplitude, which is funded by Tencent Holdings Ltd, announced on Wednesday that it had filed confidential paperwork for a direct listing in the United States, just a month after a $4 billion investment round. Amplitude, which was founded in 2012 and is backed by Sequoia Capital and Singapore’s GIC, helps businesses enhance their products by studying which features lead to better business outcomes. Customers of the San Francisco-based company include NBCUniversal, which is owned by Comcast, PayPal Holdings Ltd, Peloton Interactive Inc, and Instacart, a food delivery service. Due to the impact of the COVID-19 epidemic, businesses have boosted their digital presence and online product offerings, resulting in increasing demand for organizations like Amplitude. Amplitude, whose stock has doubled in value since May of last year, announced last month that revenue for fiscal 2020 had increased by 50%. Spenser Skates, the company’s co-founder and CEO, has long advocated for direct listings, which allow companies to float on the stock market without selling shares. Coinbase Global Inc, a cryptocurrency exchange, and Roblox Corp, a gaming platform, both went public through this approach earlier this year, which proponents claim is a better way to price shares than a traditional initial public offering. Niket Nishant contributed reporting from Bengaluru, and Ramakrishnan M. edited the piece./n
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