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 Posted: Mon 8:37, 24 Jan 2011 Post subject: HiSoft Registers For IPO Of At Least 7.4Mln ADS |
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Chinese technology-outsourcing provider HiSoft Technology International Ltd. registered to go public in the U.S. Thursday,[link widoczny dla zalogowanych], filing to sell at least 7.4 million American depositary shares.
The market for initial public offerings has been choppy lately, after a stock market decline and a spike in volatility knocked the wind out of many debuts. In the last week, a few companies have had encouraging IPOs, most notably CBOE Holdings Inc.‘s (CBOE) highly anticipated offering,[link widoczny dla zalogowanych], but the successes have been tempered with some anemic IPOs too.
HiSoft plans to offer 6.4 million ADS, with selling holders contributing the rest. Underwriters also have the option to buy another 1.1 million to cover overallotments. Each ADS represents 19 common shares of the company,[link widoczny dla zalogowanych], and the company estimated an $11 to $13 price for each.
It said proceeds will be for general corporate purposes and maybe takeovers or other investments.
HiSoft has registered to trade on the Nasdaq Global Market under the symbol "HSFT."
The company, which offers both information-technology and research-and-development services,[link widoczny dla zalogowanych], is ranked as China‘s No. 2 tech outsourcer by revenue, with a focus on Japanese and U.S. clients. It has handled outsourcing projects for Microsoft Corp. (MSFT), Hewlett-Packard Co. (HPQ),[link widoczny dla zalogowanych], and Sony Corp. (SNE, 6758.TO, SNE-T).
Last year, the company swung to its first profit in four years. Its revenue fell from the prior year, but the bottom line wasn‘t hampered by write-downs or offering expenses. In the first quarter of this year, profit more than doubled as revenue surged by two-fifths.
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