March 19 (Reuters) – Legal data company Relativity has confidentially filed for a U.S. initial public offering, the company said on Thursday, against the backdrop of investor caution for new listings.
The Chicago-based company said it had not yet determined the number of shares or the price range for the proposed listing.
Relativity, backed by private equity firm Silver Lake, was valued at about $3.6 billion in March 2021, according to PitchBook data. It has raised roughly $2.35 billion to date and as of January 2026 completed a $920 million debt refinancing.
The company, which was founded in 2001 by Andrew Sieja, initially built tools to manage digital evidence for litigation before expanding into broader legal data analytics.
Its flagship cloud product RelativityOne uses machine learning to prioritize relevant documents, reducing time and costs in complex legal processes.
Relativity’s move to tap the public markets comes at a delicate moment, as U.S. IPO activity is already bruised by a software sector selloff and facing additional pressure as Middle East tensions weigh on broader markets.
Confidential filings with the U.S. securities regulator let companies prepare for IPOs away from public market scrutiny.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)
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