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Business process outsourcing firm WNS on Tuesday said it has fixed the pricing of public offering of 1.26 crore American Depository Shares (ADS') by Warburg Pincus at $12.75 per ADS. The stock on the Nasdaq is currently trading at $13.9.
Based on the price, the offering could mop up $185.12 million.
Warburg Pincus has also granted the underwriters of the offering a 30-day option to purchase up to an additional 18.94 lakh ADSs, representing 15 per cent of the total offering size, to cover over-allotments, if any.
The offering is expected to close on or around February 15, subject to customary closing conditions, WNS said.
“WNS will not receive any proceeds from the sale of ADSs by Warburg Pincus in the offering. Assuming the over allotment option is exercised in full by the underwriters, Warburg Pincus will have no remaining shareholdings in WNS following the offering,” it said.
Warburg Pincus on February 5 had announced that it plans to sell its entire holding of over 14.5 million ADS in the NYSE-listed WNS, through which the private equity firm had expected to raise $192 million.
BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers and Baird, William Blair and Janney Montgomery Scott are acting as co-managers for the offering.
Warburg Pincus had acquired a controlling stake in WNS from British Airways in May 2002. Last year, it reduced its stake from 48 per cent to 29 per cent through a $110 million secondary public float priced at $9.25 a share.
The ordinary shares represented by the ADSs will be sold pursuant to a shelf registration statement, previously filed with and declared effective by the Securities and Exchange Commission.
WNS said it will also file with the SEC a prospectus supplement with respect to the offering.
The company recorded a net profit of $6.1 million and revenues of $120.2 million for the October-December quarter as compared to $4 million net profit and $117 million revenue in the corresponding period previous year.
>ronendrasingh.s@thehindu.co.in
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