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Genpact raises $494.1 Mn from IPO
By siliconindia
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Friday, 03 August 2007, 19:30 IST
New Delhi: Genpact, a third party BPO, has raised $494.1 million through an IPO of 35.2 million shares. Genpact shares have been priced at $14 a share on the NYSE.
Of the total 35,294,118 shares sold in the offering, the company sold half, while the rest were sold by shareholders including General Atlantic, Oak Hill Capital Partners and General Electric Company. Genpact has granted to the underwriters an option to purchase up to an additional 5,294,118 shares to cover over-allotments.
"This is a big day for the company. We have successfully completed a public offering in tough market conditions," said President and CEO Pramod Bhasin. It will use net proceeds to repay debt, for working capital and corporate purposes, including acquisitions.