ISoftStone, a China-based provider of technology consulting and software services, has revealed more details about its planned New York Stock Exchange flotation.
The company plans to raise $162m at a maximum $1.30 per share.
The company will issue 7.3 million American depositary shares (ADSs) and existing shareholders sell a further 3.5 million ADSs. Each ADS is worth 10 shares. Investment banks UBS, JP Morgan and Morgan Stanley can sell a further 1.6 million ADSs if demand is strong enough, according to its regulatory filing.
Fidelity Growth Partners Asia, previously known as Fidelity Asia Ventures and the corporate venturing unit of US mutual fund manager Fidelity, owns 24% of iSoftStone but is not selling any shares at its portfolio company’s initial public offering.
AsiaVest Partners, a venture capital partnership between AsiaVest Investment and Société Générale’s asset management subsidiary TCW Group, owns 28.8% and will sell nearly a quarter of its holding, while Infotech Ventures 9.1% will be reduced by a tenth.
Separately, India-based mobile value-added services provider One97 Communications, which has Intel Capital and SAIF Partners as investors, has delayed its IPO by two weeks to mid-December, according to news provider Tehelka.