Russian IT company IBS plans to spin off Luxoft Holding in $80 million US IPO

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Luxoft Holding, which is a leading provider of software development services and IT solutions being carved out of the Russian IBS Group, filed on Wednesday with the SEC to raise up to $80 million in an initial public offering. The Zug, Switzerland-based company, which was founded in 2000 and booked $315 million in sales for the year ended March 31, 2013, plans to list on the NYSE under the symbol LXFT. Luxoft Holding initially filed confidentially on March 8, 2013. UBS Investment Bank, Credit Suisse, J.P. Morgan, VTB Capital and Cowen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.

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