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Model N, a US-based revenue management solutions provider to life science and technology industries, has listed its stocks on the New York Stock Exchange after its initial public offering.
With a market capitalisation of $400 million, Model N had put the pricing of its share at $15.50 as it launched IPO. It raised about $104 million from the offering.
“We have received good response from the investors. The shares ended at about $20 on the first day,” Srikanth Gadamsetty, General Manager of Model N India, told Business Line , after returning from New York, where it listed its stock on NYSE.
The California-headquartered company has significant presence in India with a base in Hyderabad.
With 40 per cent or 235 staff based in Hyderabad, the company’s operation has grown by 100 per cent in the last two years. Besides serving the life sciences and hi-tech industry in India and in Asia-Pacific region, the Indian arm is a major development centre for the US firm.
> kurmanath.kanchi@thehindu.co.in
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