ICICI Onesource is now Firstsource; to list on BSE, NSE

23 November 2006

The company also announced that it had filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) as a precursor to its planned listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Firstsource  proposes a public issue of 95.6 million equity shares of Rs10 each at a price to be determined by the 100-per cent book building process. This includes a fresh issue of 60 million equity shares and 35.6 million equity shares being offered for sale by the ICICI Group. The IPO would constitute 23 per cent of the post IPO capital of Firstsource.

DSP Merrill Lynch Limited and Deutsche Equities India Private Limited. are the Book Running Lead Managers (BRLM) to the IPO. ICICI Securities is the Co- Book Running Lead Manager to the issue.

When ICICI OneSource was set up in 2002, the ICICI Group was its only shareholder. Today global investors such as Metavante Corp, Aranda Investments (Mauritius) Pte Ltd, an affiliate of Temasek Holdings and WestBridge Capital Partners, now managed by Sequoia Capital India, hold significant stakes in the company.

While ICICI Group continues to be the single largest shareholder group, its holding in the company today is at less than 50 per cent.

It is therefore appropriate that the company now establishes a new brand identity of its own. The company has over the last four years grown significantly in scale and capabilities, with a CAGR of 74.4 per cent in revenues over the past two fiscal years and has built a customer base of over 60 customers including 13 Fortune 500 and FTSE 100 companies.