EXL raises $72 mn through Nasdaq IPO

The company had offered five million shares to investors on Nasdaq and reserved 750,000 shares for covering over allotments.

But due to high demand - with touching $20.5 a share as against the offer price of 13.5 dollars a share – the company decided to sell 5,750,000. The offer closed last night.

"The net proceeds of the offering will be approximately $72.2 million after underwriting discounts and commissions but prior to estimated offering expenses payable by EXL," the company said.

When the shares of EXL get listed on Nasdaq, it would become the second US-based BPO company with most of its service delivery capabilities in India to trade on the exchange.

Post IPO, the shareholding of promoters and venture funds in the company would come down but they would stay invested with substantial shares.

The Oak Hill Capital Partnerships' share in the company will come down to 38.9 per cent from 49.7 per cent. FT Ventures' and NUI Investments share in the company would also come down marginally.

Promoters like Vikram Talwar and Rohit Kapur are also offering their shares in IPO and their holding will reduce to 7.7 per cent each from 9.9 per cent.