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Virtusa Eyes $7 Billion Indian IPO
28 Apr
Summary
- Virtusa exploring Indian IPO, targeting over $7 billion valuation.
- Company aims to raise at least $1 billion in the potential listing.
- EQT seeks exit from Virtusa, a major Asia technology investment.
Virtusa Corp, a global information technology services firm owned by Swedish private equity giant EQT, is actively exploring the possibility of an initial public offering (IPO) in India. The potential IPO is anticipated to value the company at upwards of $7 billion, with sources indicating an aim to raise at least $1 billion. This move would mark one of India's most substantial listings to date.
A formal roadshow scheduled for the second half of the year will be crucial in determining the final listing venue, the exact deal size, the valuation, and whether the IPO will proceed. Investment banks Citigroup, JPMorgan, and Morgan Stanley have been engaged to assist with the potential offering.
Founded in 1996 and headquartered in Massachusetts, Virtusa boasts a significant global presence with 30,000 employees across 32 countries, including key IT delivery centers in various Indian cities like Hyderabad, Chennai, and Bengaluru. For EQT, this IPO represents a potential exit from a significant technology investment in Asia, a move that aligns with the broader pressure on private equity firms to return capital to investors.
