EPAM Systems, a global IT services provider, announced terms for its IPO on Monday. The Newtown, PA-based company plans to raise $126 million by offering 7.4 million shares (79% insider) at a price range of $16.00 to $18.00. At the mid-point of the proposed range, EPAM Systems will command a market value of $778 million. EPAM Systems, which was founded in 1993, plans to list on the NYSE under the symbol EPAM. Citi, UBS Investment Bank, Barclays Capital and RenCap Securities are the lead underwriters on the deal. Pricing is expected to occur the week of February 6th.
For the 9 months ended September 30, 2011, revenues increased 58% to $239 million. Sales are primarily driven by software development, and customers include Coca-Cola, Google, SAP and Thomson Reuters. Executives include CEO Arkadiy Dobkin, a former IT professional at SAP Labs, CFO Ilya Cantor, former CFO of The Wall Street Journal, and Chief Technology Officer Balazs Fejes, who previously worked for Microsoft Business Solutions. EPAM Systems is the fifth technology company to set terms this month.
