GlobalLogic Inc, a product development outsourcing company said it is planning a US initial public offering (IPO) by the end of 2008 to “set off” its growth plans.
NEW DELHI: GlobalLogic Inc, a product development outsourcing company said it is planning a US initial public offering (IPO) by the end of 2008 to “set off” its growth plans.
The public offering which is on “active stage” would most likely be listed on the Nasdaq, as most of the technology majors such as Microsoft, Google, Intel, Apple and Yahoo are listed on that exchange, the company’s top official said.
“We are on IPO path … we are pretty sure we will get there, it is going to be a US IPO by end of this calendar year,” Rajul Garg, vice president and co-founder of GlobalLogic told DNA Money from his Noida office.
The privately-held firm, which is backed by venture capitalists Sequoia Capital, New Enterprise Associates and Draper Fisher Jurvetson said the offering would be of “good size” without divulging any other details citing regulatory issues.
Till now, it has received total venture capital funding of $45 million, and has existing operations in Noida, Pune and Nagpur. It is looking to expand further in India, which may include inorganic growth.
The Virginia-based company added that they have screened out an underwriter for the offering, but declined to comment further the issue.
The company shares would be trading as normal shares and not as American depositary receipts as it is US-headquartered.
The non-US headquartered company’s needs to trade in ADRs in the US due to regulatory requirements.
GlobalLogic has a workforce of around 3,000, which includes 1,600 in India and 1000 in Ukraine, and generates around 90% of its revenue from the US market.
The company is also expecting a topline growth of 50%-60% in the next two to three years and would increase its headcount in India and outside, accordingly.
Garg said the company is ready to comply with the Sarbanes Oxley Act and other regulatory requirements for the offering.
GlobalLogic boasts of partners like AOL, Autodesk, Avolent, Electronic Arts, IBM, NexTone, and Trimble etc.
vivek_s@dnaindia.net
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