EPAM Systems, the largest IT oursorcing software engineering service provider in Eastern Europe, has completed its initial public offering (IPO) on New York Stock Exchange (NYSE), the company said. In total, 6 million shares of common stock were sold at IPO at $12 per share, valuing EPAM at $488 million. The price of shares is now above $14.
Arkadiy Dobkin, cofounder, CEO and President of EPAM Systems, joined by members of the company’ management team, rang the NYSE Opening Bell today morning. The shares of EPAM Systems are traded on NYSE under the symbol “EPAM”.
Citigroup, UBS Investment Bank, Barclays Capital and RenCap acted as joint book-running managers for IPO. EPAM intends to use the net proceeds that it receives from IPO for working capital, for acquiring facilities, and for potential strategic acquisitions or investments. Perhaps, it can be interested in one of the top 10 web startups from Russia.
Founded in 1993, EPAM Systems, Inc. is a leading global IT services provider with client management and delivery operations in the United States, Belarus, Hungary, Russia, Ukraine, UK, Germany, Kazakhstan, Sweden, Switzerland, and Poland. Headquartered in the United States, EPAM employs over 7,000 IT professionals and provides services to clients worldwide. EPAM booked $310 million in sales over the last 12 months. Its net income margin is more than ten percent.
EPAM raised $50 million from Renaissance Investment Management, Da Vinci Capital and Euroventures in May 2008 and $25 million from Siguler Guff (Russia Partners) in January 2006.