India's business process outsourcing major EXL Service has cut down the size of its proposed initial public offer on the Nasdaq Stock Exchange by 20 per cent, notwithstanding the recent interest generated in overseas listings due to WNS' successful IPO on the NYSE.
The New York-based EXL Service Holdings, the parent company of a pure play BPO firm EXL Service operating through various delivery centres in Noida and Pune, said in an amended regulatory filing with the US Securities Exchange Commission in Washington that it expects to raise upto $60 million from the proposed IPO.
Previously, the company had said in its SEC filing it plans to raise upto $75 million from the IPO. The company had first filed its prospectus for a Nasdaq listing in December 2004.
EXL would be the second pure play BPO company from India to list in the US after WNS, which raised about $224 million from a successful IPO earlier last week.
WNS had priced the issue of 11.2 million American Depository Shares at $20 per ADS, the higher end of the projected price band of $18 to $20. The final IPO price was above expectations and the issue was oversubscribed by more than 10 times.
WNS Holdings' market capitalisation rose to nearly $1,000 million on the very first day of its listing on NYSE, following a surge of nearly 23 per cent in its share price.
The analysts said that the reduction in EXL's IPO size might have been due to the ongoing weakness in the Nasdaq stock market and overall weak market sentiments globally.
