IBEX, which provides outsourced customer support and marketing services, announced terms for its IPO on Wednesday.
The Hamilton, Bermuda-based company plans to raise $100 million by offering 4.8 million shares (25% insider) at a price range of $20 to $22. At the midpoint of the proposed range, IBEX would command a fully diluted market value of $397 million.
IBEX is a leading global "customer experience" company that provides services to help companies more effectively engage with their customers. Its integrated Customer Lifecycle Experience (CLX) platform provides solutions that span the entire customer lifecycle and includes broad-based integrated offerings as well as customized solutions focused on specific client needs. Its top ten clients use an average of more than five services across its CLX platform.
IBEX was founded in 2004 and booked $392 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol IBEX. Citi, RBC Capital Markets, Baird, SunTrust Robinson Humphrey and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of August 3, 2020.
