Virtusa Corporation files for IPO

Virtusa Corporation files for IPO

By SiliconIndia   |   Monday, 09 April 2007, 07:00 Hrs
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Hyderabad: Virtusa Corporation, a global information technology services company has filed with the U.S. Securities and Exchange Commission for a proposed initial public offering, IPO.

JP Morgan Securities Inc will be the sole book-running manager for the offering, with Bear Stearns & Co as the lead manager and Cowen and Company, LLC and William Blair & Company as co-managers. The number of shares and the price range has not yet been determined.

The company founded in 1996 and headquartered in Massachusetts, has offices in the U.S. and the U.K. and global delivery centres in Hyderabad, Chennai and in Sri Lanka.

However, certain reports in the U.S. say that the IPO would potentially raise up to $90-100 million, and of this, funds would be utilized in expanding facilities in India and Sri Lanka and for working capital. The company has grown its operations over the last three years in India and its investors include Sigma Partners, Charles River Ventures, Globespan Capital Partners and Focus Ventures.

It has secured some $20 million in funding about three years ago. The company had acquired about seven acres of land from the Andhra Pradesh Government to develop its own campus, reported a business daily.

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