Endava, which provides outsourced IT development services, announced terms for its US IPO on Monday.
The London, United Kingdom-based company plans to raise $101 million by offering 5.6 million shares at a price range of $17 to $19. Insiders intend to purchase $15 million worth of shares in the offering (15% of deal). At the midpoint of the proposed range, Endava would command a fully diluted market value of $960 million.
Endava was founded in 2000 and booked $263 million in revenue for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol DAVA. Morgan Stanley, Citi, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
The article IT service provider Endava sets terms for $101 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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