EPAM Systems Inc., a leading global software engineering and IT consulting firm with development centers across Central and Eastern Europe, completed its initial public offering of common stock successfully on Tuesday. The company raised $72 million by selling 6 million shares at $12 each, 67% of which were offered by selling stockholders. The company had expected to sell 7.4 million shares at a price between $16 and $18 apiece.
In its latest filing with market regulators, the Pennsylvania-based company had said it will sell about 1.5 million shares in the offering to raise capital for future acquisitions and meet general corporate expenses, with the remaining being offloaded by existing shareholders.
The shares started trading on the NYSE under the symbol “EPAM” from Feb 8. The firm, which counts Google, Oracle, Citigroup, Expedia and Coca-Cola among its clients, is valued at about $488 million at the listing price.
