EPAM Systems Inc., a major global software outsourcing provider with development units in Central and Eastern Europe, filed earlier this week to raise up to $133 million in an initial public offering on the New York Stock Exchange.
According to a filing with the US Securities and Exchange Commission, the company plans to offer 7.4 million shares of common stock between $16 and $18 apiece. The company’s market capitalization has been estimated to be about $778 million at the mid-point of the proposed range. Final pricing is expected in the second week of February.
The company plans to use the proceeds for general corporate purposes and potential future acquisitions.
EPAM was founded in 1993 by Arkadiy Dobkin with its original headquarters in a suburban bedroom in New Jersey, USA and an offshore software development center in another bedroom across the ocean in downtown Minsk, Belarus. Now headquartered in Newtown, Pennsylvania, the company has completed projects for Citigroup Inc, Google, Expedia, Coca-Cola, SAP, Thomson Reuters, and the Intercontinental Hotel Group among its 30 biggest clients, the filing showed. Revenue for the first nine months through September grew 58% from the year-earlier period to $239.4 million, while income for the period jumped 92% to $32 million.
Barclays Capital, Citi, UBS Investment Bank, and Renaissance Securities of Moscow are the lead underwriters for the IPO. The company has received approval to trade under the symbol EPAM on the NYSE.
