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EPAM downsizes IPO to $12, prices below range-underwriter

EPAM Systems Inc sold fewer shares in its initial public offering of common stock at a lower price than expected, according to an underwriter.

08.02.2012 01:46

Tue Feb 7, 2012 8:46pm EST: The company, which provides IT services focused on software product development, sold 6 million shares at $12 each in its IPO. It had expected to sell 7.4 million shares at $16 to $18 apiece.

In its latest filing with regulators, Newtown, Pennsylvania-based EPAM Systems had said it will sell about 1.5 million shares in the offering, with the remaining being offered by selling stockholders.

Shares of the company will begin trading on the New York Stock Exchange on Wednesday under the symbol "EPAM".

Citigroup, UBS Securities, Barclays Capital and Renaissance Securities acted as the underwriters for the offering.

EPAM, which counts Citigroup, The Coca-Cola Company , Expedia Inc, Google Inc and Oracle Corp among its clients, will be valued at about $488 million at the IPO price.

Source: Reuters

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