HTP Resident Company EPAM Systems (the “Company”), the biggest CEE IT outsourcing company announced on 24 January 2012 the launch of the initial public offering of its shares of common stock.
Subject to market and other conditions, the Company expects to sell 1,517,647 shares of common stock and the selling stockholders expect to sell an aggregate of 5,882,353 shares of common stock. The Company also expects to grant the underwriters a 30-day option to purchase up to an additional 1,110,000 shares of common stock to cover over-allotments, if any. The estimated initial public offering price is between $16.00 and $18.00 per share. The Company has applied to list the shares of common stock on the New York Stock Exchange under the symbol “EPAM.”
The Company intends to use the net proceeds that it receives from this offering for general corporate purposes, such as for working capital, for acquiring facilities, and for potential strategic acquisitions of, or investments in, other businesses or technologies that it believes will complement its current business and expansion strategies. The Company will not receive any of the proceeds from the sale of common stock by the selling stockholders.
Citigroup, UBS Investment Bank, Barclays Capital and RenCap will act as joint book-running managers for the offering, with Stifel Nicolaus Weisel and Cowen and Company acting as co-managers.
About EPAM Systems
Established in 1993, EPAM Systems, Inc. is a leading global IT services provider with delivery centers throughout Central and Eastern Europe. Headquartered in the United States, EPAM employs over 7,000 IT professionals and provides services to clients worldwide using a global delivery model through its client management and delivery operations in the United States, Belarus, Hungary, Russia, Ukraine, UK, Germany, Kazakhstan, Sweden, Switzerland, and Poland.