Genpact Limited, which manages business processes for companies around the world, today announced that its initial public offering of 35,294,118 common shares has been priced at $14.00 per share.
Genpact's shares will begin trading on the New York Stock Exchange on August 2, 2007 under the symbol "G".
Of the total 35,294,118 common shares sold in the offering, half were sold by the company, while the remaining shares were sold by certain shareholders, consisting of General Atlantic, Oak Hill Capital Partners and the General Electric Company. In connection with the offering, Genpact has granted to the underwriters an option to purchase up to an additional 5,294,118 shares to cover over-allotments.
Genpact intends to use net proceeds from the sale of the shares by the company to repay indebtedness outstanding under its credit facilities and for working capital and general corporate purposes, including potential acquisitions. Genpact will not receive any proceeds from the sale of shares by the selling shareholders.
Morgan Stanley, Citi and JPMorgan were joint managers and book runners of the offering. Wachovia Securities and Merrill Lynch & Co. served as co-lead managers. Bank of America Securities LLC, Credit Suisse, Deutsche Bank Securities and UBS Investment Bank served as co-managers.