Xchanging confirms plans to proceed with an initial public offering...
Xchanging plans to proceed with an initial public offering of its ordinary shares and apply to be admitted to the official list of the FSA and to trade on the London Stock Exchange.
Xchanging, which recorded revenues of £393.5m for the year ended 31 December 2006, is expected to complete the IPO in late April 2007. Primary proceeds will be used to fund the continuing growth of the business.
It is expected that some existing shares will be sold by current shareholders, including General Atlantic, the private equity company, which currently owns 54% of the fully diluted share capital. General Atlantic is expected to retain a significant shareholding in Xchanging post-IPO.
David Andrews, chief executive of Xchanging, said: “We are delighted to be announcing this next stage in the development of Xchanging. Since we founded this business in 1999, we have demonstrated sustained high growth and developed what we believe to be one of the leading international pure-play BPO companies. Being a public company will enable us to take even greater advantage of the exciting opportunities available to us as our markets continue to develop.”
Citigroup and UBS have been appointed joint global co-ordinators and bookrunners for the global offer.
