IPO

IT services firm Epam eyes U.S. IPO in 1st quarter: sources

Reuters News
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Posted: Dec 12, 2011 5:29 PM
IT services firm Epam eyes U.S. IPO in 1st quarter: sources

By Megan Davies and Nadia Damouni

MOSCOW/NEW YORK (Reuters) - Epam Systems Inc, an IT services provider with operations in Russia, is aiming to move ahead with its planned U.S. initial public offering in the first quarter of next year, two sources familiar with the situation said on Monday.

Epam filed with U.S. regulators in June to raise up to $100 million in an initial public offering of its common stock. The company did not reveal how many shares it planned to sell or their expected price, but said at the time it would use the proceeds for acquisitions and general corporate purposes.

Epam CEO Arkady Dobkin could not immediately be reached for comment and a spokeswoman declined immediate comment.

EPAM Systems is incorporated in Delaware and has delivery centers located in Belarus, Ukraine, Russia, Hungary, Kazakhstan and Poland. It is considered the Eastern European equivalent to other high-end offshore outsourcing companies in India and China, including Infosys <INFY.NS> and Cognizant Technology Solutions Corp <CTSH.O>, one of the sources said.

Citigroup <C.N>, UBS Securities <UBSN.VX>, Barclays Capital <BARC.L> and Renaissance Securities are the lead underwriters for the offering, the company said in the June filing with the U.S. Securities and Exchange Commission.

(Reporting By Megan Davies and Nadia Damouni; Editing by Bernard Orr)