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Monday, April 09, 2007

Virtusa Corp files for IPO

Technology outsourcing provider Virtusa Corporation has filed with the US 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.

However, 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 US and the UK and global delivery centres in Hyderabad, Chennai and in Sri Lanka.

According to some reports in the US, the IPO would potentially raise up to USD 90-100 million, and of this, funds would be utilised 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 USD 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, reports The Hindu Business Line.

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