Westborough, Massachusetts, United States
Virtusa Corporation today announced the pricing of its initial public offering of 4,400,000 shares of its common stock at a price to the public of $14.00 per share. All of these shares are being sold by Virtusa. The underwriters also have a 30-day option to purchase up to an additional 462,795 shares of common stock from selling stockholders and an additional 197,205 shares of common stock from Virtusa to cover over-allotments, if any. Virtusa will not receive any proceeds from the sale of shares by the selling stockholders. Virtusa's common stock will begin trading on the NASDAQ Global Market on Friday, August 3, 2007 under the symbol "VRTU."
J.P. Morgan Securities Inc. is acting as sole book-running manager for the offering, with Bear, Stearns & Co. Inc. as the lead manager, and Cowen and Company, LLC and William Blair & Company, L.L.C. serving as co-managers.
A copy of the final prospectus relating to the offering may be obtained by contacting the Prospectus Department of J.P. Morgan Securities Inc. at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 (telephone: 718-242-8002).
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 2, 2007, and the public offering is being made by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Virtusa Corporation
Virtusa is a global information technology (IT) services company providing IT consulting, technology implementation and application outsourcing services. Using its enhanced global delivery model, innovative platforming approach and industry expertise, Virtusa provides cost-effective services that enable its clients to use IT to enhance business performance, accelerate time-to-market, increase productivity and improve customer service.
Founded in 1996 and headquartered in Massachusetts, Virtusa has offices in the United States and the United Kingdom, and global delivery centers in India and Sri Lanka.
"Virtusa" is a trademark of Virtusa Corporation and a registered trademark in the EU and in India.
Source: Business Wire (Business Wire India)