Russian IT company IBS Group sets terms for $70 million spinoff of Luxoft

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Luxoft Holding, which is a leading global provider of software development services and IT solutions being carved out of the Russian IBS Group, announced terms for its IPO on Wednesday. The Tortola, British Virgin Islands-based company plans to raise $70 million by offering 4.1 million shares (50% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Luxoft Holding would command a fully diluted market value of $555 million.

Luxoft Holding, which was founded in 2000 and booked $315 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol LXFT. Luxoft Holding initially filed confidentially on March 15, 2013. UBS Investment Bank, Credit Suisse, J.P. Morgan, VTB Capital and Cowen and Company are the joint bookrunners on the deal.




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This article appears in: News Headlines , IPOs

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